Quote:
Originally Posted by Ecuadog
Small point... Vanguard does not allow beneficiary designation (TOD) on joint accounts. The last surviving account owner must take care of the TOD stuff.
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You are correct. At the present time, we have a joint account. I called vanguard about adding secondary beneficiaries and they said that I could not do it. I am in the process of setting up an individual account and transferring all the money from the joint account into the individual account. At that time I can put my wife as the primary beneficiary and add secondary beneficiaries.
If we kept the joint account and we both were killed in a car accident, the money would have to go to probate! No way to avoid it!
Does anyone know the reason why vanguard has this policy?
And it is not a small point! It could cost someone thousands of dollars if the vanguard account had to go through probate!