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Beneficiary and SSN question
January 25, 2024 at
02:46 PM
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Finance
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Are there any financial institutions that don't require the social security number of a persons beneficiary's? I want to add a friend as the beneficiary but don't want them to know and well as they would be leery very as to why I need their SSN. I just opened a CD at an institution and they require I get the SSN. Fidelity doesn't at least for IRA accounts.
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Before others chime in, have you considered the long term idea of having a friend as a beneficiary? Friends come and go over the years. Yes, there are exceptions but many people select a beneficiary and never update the names as time goes by.
I now remember Fidelity as one who would not allow the change in IRA accounts. My folks had a trust set up but never followed their lawyers instructions to retitle assets in the name of the trust. Now five years later with my dad having died and my mother in a nursing home with dementia, I've been trying to do this. Fidelity would not let me change either the name of the owner or the beneficiary despite me having power of attorney and also being sole trustee.
Wells Fargo, on the other hand, had initial problems but finally relented. I went to their office and filled out the forms. Took a few weeks as their lawyers and other staff reviewed the documentation that I supplied.
What I learned through 18 months of similar experiences is that each company has its own rules. Ditto for banks, S&Ls, etc.
My 2 cents.
I hear you about using friends as beneficiary's. These are friends from over 30 years ago and I thought I'd put them on as it is only for a 14 month CD in case something happens to me. I'll move the funds elsewhere when the term expires.
I know what you mean about going thru the troubles with different institutions. It took me years after I assumed the executorship from my mom, dad and brother when they passed to finally complete the distributions from the brokerage and insurance companies and to close their trusts. My parents also had property that cost me twice what it was worth in legal fees to sell. I thought about just abandoning it but didn't want it to possibly haunt me years later.