Don’t Overlook Proper Account Titling

One of the most overlooked retirement planning To-Do’s is proper account titling. 

We found this to be the #1 issue when we used to do Medi-Cal planning. 

If you are incapacitated because of a health issue or accident, it is important that a trusted person be able to access your accounts. 

Many banks prefer to have a limited Power of Attorney (POA) on file designating whom you want to be able to manage your accounts in case of incapacity. 

Credit unions will accept an attorney drafted POA. 

Brokerages, insurance companies and retirement account custodians will accept an attorney drafted POA.

If you die and want your accounts to go without hassle to your beneficiaries and avoid probate, proper titling is important. 

You can establish beneficiary designations at banks, credit unions, brokerages, insurance companies and retirement account custodians.