I was wondering how others handle a certain problem I incurred today at a local bank. I opened a promotional Money Market account for a large amount since I needed it to be a liquid account. I made it as a joint account (spouse and myself) and wanted to put my daughter as the contingency beneficiary in case due to an accident or other event, my spouse and I became deceased. The bank said they do not allow this on anything but Trust accounts. I was surprised since I have other institutions which do have a form where one can give a contingency beneficiary who does not have to be listed as a POD. The reason would be that one would not want the person to have access to the money until they inherited it.
It happens that the institution which allows this is one of my credit unions but not all credit unions will do this. Has anyone else incurred this problem with their banks for CDs and money market accounts especially. The banker I dealt with tried very hard to find a way to do it for me but could not. Sooo do we have to put these accounts as part of our Wills or does someone have other ways they use to protect funds when they cannot list a beneficiary? Much appreciation and thanks for any information on this problem.