I'm trying to plan where my estate goes after my death . The last time I made a will, I left everything to my brother, but he died since I made that will . My financial advisor claims he needs my heirs' name, home address, phone number, birthday, and Social Security number . I picked four people to be my
I'm trying to plan where my estate goes after my death . The last time I made a will, I left everything to my brother, but he died since I made that will . My financial advisor claims he needs my heirs' name, home address, phone number, birthday, and Social Security number . I picked four people to be my heirs . I feel embarrassed asking for their Social Security numbers . I could live another thirty years . He's going to have these Social Security numbers on file for all that time . By the time I die, all four of these people are likely to have a different address and a different phone number . I'd think the time to get their Social Security number is after I die and they're actually close to inheriting their share . At that point, my executor can ask them for their Social Security numbers . Why does my financial advisor need my heirs' Social Security numbers thirty years before I die ? Why can't everybody wait until I die ? Thank you in advance for your answers .
My financial advisor works for Edward D . Jones and Company, and that's where my money's invested, if that information helps you answer my question .
You don't use a "financial advisor" to make a will/estate plan. You use a lawyer. And you don't know when you'll die. That said, if your financial accounts (IRAs, etc.) require the naming of beneficiaries, it would be a valid reason why that personal information is required. Insurance companies also require that information on beneficiary designation documents.
They need that information because of the USA Patriot Act. Anyone that has an interest in a bank account or brokerage account must provide that information by law, even if they are only being added as a beneficiary. The information also provides the brokerage firm the information to verify that the person claiming the funds when you pass away is the rightful owner.
You have to prepare in advance. You could walk out of your financial advisor's office and be hit by a beer truck and killed.
They need the birth date a SS# to make sure that they have the right people, since in some cases they may not have a unique name. One time when I was trying to find James Smith in Wisconsin there were 200 of them.
Whether they need address depends, it can help find people if they have not moved. When I recently opened a Roth IRA (to transfer from another trustee) part of the application process was entering beneficiaries and that asked for address (besides the other info). But their change of beneficiary form at the same trustee (for my existing IRA) asks for name, relationship, birth date, and SS#, but not addresses.
I think they are asking too much, the name and address and maybe the birth date should be enough to distinguish them from strangers. I think the financial advisor is going to us the information to sell them services and stuff.
The firm needs the information because it's the law (Federal)… The SEC list all the items a firm needs in order to properly open an account.
Edward Jones is one of the better firms on Wall Street, you should feel good that the firm is willing to open an account for you.
Why did you ask your advisor why they need this information? I've never had to supply this information. I certainly hope it's not to cold call them for business.
It is the law, you invest, you make money, you have to pay taxes on profit. That is why they need your SSN