A Very Serious Warning For Everyone 

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When we filled out our insurance in the military we were told to not put your girlfriend's name as the beneficiary and put a family member.

A guy was injured and came into the hospital where I worked. A surprise girlfriend showed up and the wife was not allowed to see him. He was making plans with the girlfriend for after his discharge from hospital. Then he had a brain bleed and he died. The wife got everything!

I know someone this happened to! The deceased's ex-wife actually got his retirement, not his new wife! Keep this stuff up to date, folks!

Marriage: A form of super glue that is exceptionally painful to remove. Update your will, guys.

Had the same thing happen at a company I worked at. Guy had gotten married, then divorced a couple years later. He got remarried, then had a couple kids. They were married for 8 years and he died in a car wreck. Instead of going to his wife and kids, it went to his ex-wife. So check your beneficiaries.

In Australia, they make you renew your beneficiary nominations every three years.

My father in law was the DA in Sacramento back in the day. He was a drinker and wrote his will on a bar napkin. Left everything to a girlfriend. Died 20 years later. She came screaming "there's a will, I know it!" Guess who got everything....not his children

Dans is NOT lying. My house was stolen from me by my siblings after caring for my parent for 10 years. My father had Alzheimer’s and needed 24 hour care an I did it. My Mom told my siblings before death the house was coming to me and they didn’t care , they got dirty and evicted me. So many lies and decite all for Greediness. What a horrible situation I’ve lived through and discarded like an animal. DONT TRUST FAMILY

Did all of this in the last 6 months. Listen to Dan!!! Updated will and beneficiary stuff. Gave copies to the kids.

Before we married my wife named her brother as beneficiary. She passed away and didn’t change it. Her brother collected the money and gave it to me.

This is the best advice Dan has ever given.I know several people that after they die, the tax collectors get their money.Everybody gets their money but the people they wanted to. The best thing you can do is go for all your bank accounts Make sure you take care of all your beneficiaries.Make up the date.Make sure it's savings retirement accounts.Anything like that . Probate is one of the most heinous things you can go through after your death. Why are divorces expensive because they're worth it.

My father died last year. I thought I was on good terms with my step mom of 10 years. The man wasn't even dead 12 hours, and she totally cut me off! Hell, I wasn't even told when his services were scheduled for (he was in Florida, I'm in Tennessee). Pure evil.

Good reminder to all Dan on beneficiaries. I worked in HR many years ago and an employee died in a car accident. He had his ex wife as his beneficiary- perhaps he wanted it that way as they had 4 kiddos. Hard to say if it was an oversight or intentional.

I had a family member that died suddenly.. she had not changed a small life insurance policy.. her ex husband got it instead of her three kids.

Oh Dan, absolutely nothing could be more true. Here's my story. Years ago.....my brother in laws father lived with his partner/girlfriend for more than 40 years. They never married. Mike died suddenly. His oldest daughter then became the legal owner of the house because Lily was never put on the title. She forced Lily out of the house. She legally was not entitled to anything because Mike never put her on any documents EXCEPT FOR HIS RETIREMENT THRU THE CITY JOB HE HAD FOR 40-50 YEARS. So Lily got all of Mike's benefits thru the city because she was named his beneficiary (even though she lost the house and everything in it )... yup, update the paperwork !

Many thanks for reminding me of your valuable suggestions. With no ex wives, no children, no brothers or sisters, no related cousins, deceased parents, with deceased uncles and aunts on both sides of my parents marriage, I need to make sure my beneficiaries are worthy. I have signed no documents involving a beneficiary for my retirement, accounts, ect. Time to take action.

My mom passed and didn’t have a Will and didn’t have a beneficiary on her bank account. She was with Wells Fargo. She passed in 2015. I went o Wells fargo with her death certificate, and my birth certificate. And they wouldn’t give me any information on her account except that it was still active but they could not give me what was in her account or my brother. So who got that money?

We have been married for 22 years, and we have accumulated quite a number of assets. THANK YOU for the reminder. We still don’t have wills, but need to get this done. Insurances and beneficiaries are taken care of, but i needed this kick in the pants! We are both in the senior years.

When we met with our lawyer to update our trust, all accounts were reviewed just for this. But 99% of the people can’t afford several thousand dollars in legal fees.

my husband died suddenly and I went door to door to change the will, bank accounts, deeds, it was still a nightmare. everything was joint if it hadn't been it would have been worse

It's sad that whenever someone dies, all the roaches come out of the woodwork looking for the handout. Won't be the case when I die because I have nothing to give.

I would like to buy that insurance. I have already been squatted upon. It cost $10,000 and four extra months to get them out they trashed my little house I was 80 years old. I’m now 84. They’ve been out for three years now horrible disgusting pig squatters, right in the middle of Central Maine a very rural state. I was forced to do it legally. Woman with six-yr-old child and her man.

Hey, I had a friend whose father got remarried. Well he had a heart attack and didn't survive. There was no will or living trust, so the new wife got everything!! She gave the the 2 stepchildren $1000 each and said goodbye. There father was a big executive who was very well off.

I worked in nursing homes for some time. It was very common that no relatives ever came to visit some patients in the facilities but the minute we notified the next of kin,then they were in the facility everyday. However,the concern was hardly about the patient, but how long it wood be for the patient to die. Family rivalries played out!

Beneficiaries comments. The situation is even worse than Dan has described. The old b.s. "everyone knows what to do so I don't have to be concerned" doesn't work at all. 1. Simple - Federal law says that the beneficiary on your retirement account trumps your will, your trust, your state law. 2. Simple - some states provide that you can pay $10 and have the title to your car go to a beneficiary without probate. How did I find out? A friend's dad died in Las Vegas and his only asset was a new car. Took two years to go through a formal probate and cost $$. I checked my state DMV, paid $10 and my car goes to my son without any probate. 3. Complex. Your bank, your stockbroker, your insurance company do not have crystal balls, employ mediums, and otherwise don't know who the hell you are. If you want someone to get your account, your stockholdings and don't communicate what you want to happen, that company is going to hold onto all of your porperty until someone spends money and obtains a court order. Each of those companies has a form that says "tell me what you want to do?" You may put someone as an additional account holder, as a beneficiary or you might want the asset poured into a trust and you should give a copy of the trust to the company. A lot of people will cover all bases. Gee maybe the beneficiary form is no longer realized, may be the will fails, may be the trust fails. This is why you consult with an expert. 4. "Oh, the law will take care of it!" Each state has a set of statutory defaults of what happens when you die without written beneficiaries. The woman two doors down died without any written beneficiaries, trust or will. How long did it take for the property to go through probate? Over two years. In the mean time, property taxes accumulated, the great gardener had to be paid. In my state the probate fees paid to the lawyer and separately to the Court are based upon the gross estate, not the house value minus the loan. Then, there were special procedures in selling a house in probate beyond paying a broker commission. I said it was worse than Dan says. My state does not recognize common law marriage. You can't start living together, have the other person die and claim that you were a spouse entitled to everything, etc. However, there is one exception which led to a mjor estate litigtion. 8 US states recognize common law marriages entered into within their state. To qualify as being married, you go to a hotel with a honey and register as Mr. and Mrs. Smith. So, a service man in WW2 shacked up. When he died, two women came forward in CA and declared themselves Mrs. Smith. CA is required by federal law to recognize common law marriages entered into without other states. Today, all you people scurrying off to Las Vegas with your honey and registering as Mr. and Mrs. Smith don't have to worry about entering into a common law marriage in Nevada. Marriage in Nevada is a civil contract requiring the consent of each party and a formal ceremony before witnesses known as “solemnization.” Nevada does not recognize common-law marriages begun after March 29, 1943.

Gotta pay attention to finances. Beneficiary means beneficiary. He's not here to ask. Intention means nada. No standing, yup.

Great topic Dan. As a planner I see it from time to time. One time I had a client who had been divorced twice and had his 1st spouse listed the whole time. No harm done we made the change. But could have been ugly. Beneficiary designations take precandence over what you may write in your will. People should review their accounts because of life changes. Marriage, divorce, kids, some beneficiaries dying etc.

Thanks for bringing this story about Jeffrey. I guess Jeffrey forgot to check his old beneficiary. We can all learn from this and that is to check and update your beneficiary as life changes. And be sure you have a will or a trust. Otherwise, most of your money and assets (after you die) will be tied up in probate court and the lawyers and states get an easy share of your hard earned money. It can be a real mess.

Opinions on the market diverge; some claim overvaluation due to rapid gains, while others cite strong economic fundamentals justifying high valuations. Raises concern for my $600K equities going 8% up and 20% down. Should i hold on or sell off my positions and hold cash?.

By the way, in my state, the beneficiary doesn't have to be a person. It could be a church or charity or college/university.

we've got new Landlord laws coming in the UK soon , meaning tenants will have far more rights than Landlords , Landlords won't be able to evict bad tenants easily , i used to rent and my Landlords / ladies were usually really horrible , lots of damp issues etc .. but for 12 years i've owned my own house out right . owning my own house is a huge weight off my shoulders and my son will inherit the house , i feel secure knowing this .

Married at 22. Bout to collect a percentage of a million dollars pension. God is good

Ppl never remember to update their beneficiaries on accounts/ insurances etc

Thanks for your video. I’m going to make sure I have a beneficiary on my accounts. Real dumb I don’t have anyone right now.

TY Dan. Sorry your GF passed away. I know you tried so hard to help her. Ppl came out of the woodwork when my best friend died! I didn't get a penny bc I was so heartbroken and she had died suddenly.And she had told me she was giving me her house but suspiciously there was no will even though she'd been a lawyer. Relatives got it all. Even distant relatives! All I can hope is that someone named me as their beneficiary! I can't remember who my beneficiary would be but I can try and check it out.

My husband warned me before he passed to be on alert….he said that when he passes that the cockroach’s will be coming out of the woodwork……….and sure enough…….

It's imperative to understand contracts and trusts. Also, READ AND UNDERSTAND everything you sign. YOUR signature creates contracts. Do you know what you are signing when you open a INTEREST bearing bank account. You just signed a contract with the bank to give them the "interest" in your account. (" Interest" in legal and banking terms is OWNERSHIP) The bank owns YOUR account....Solution, ALWAYS use a NON-Interest bearing TRUST account to do any banking business....

People can be very sleazy when it comes to money Dan. They go to nursing homes and use their dying relatives to co-sign for cars and houses they can’t afford. Very disgusting.

I'm so old that all the beneficiaries on my accounts are all dead.

This happened to me...we lived together for 13 years, split. 5 years later he died... shocked to find out I had $$ coming from the 401k because he never removed me as a beneficiary.

But Dan, we never see you in the water!

File a beneficiary with your greedy bank as well otherwise they take it.

I disagree. He listed her. He never changed it. Maybe he wanted her to get it. HR reminds us yearly in multiple emails to check for updates on all benefits.

Dan, I agree with you on getting plenty of legal advice on retirement, life insurance. I know when my husband passed away, I had a lot to deal with financially. I had my assets divided in my will in percentages. Hey, if I only have $ 20 bucks left in this world my heirs will get a percentage of that $20. I really hated doing all of that legal mess, but at least I took care of what my husband and I earned over the years. I also named people that would not get anything! Sad, but true!

I know a guy that got divorced in 2008. They had been married for 18 years and in the settlement she gets 2/3rds of his pension for 18 years. If he retires at 67, she gets a check for 2/3rds of his monthly pension payment until he's 85 years of age.

this reminds me of the case with Anna Nicole Smith. She married she old wealthy oil guy when she was in her 20's and he was in his 80's. He died and she got everything and his son was pissed. This stayed in the courts until not only the son dies but Anna also dies. Her daughter now has all the money.

Good Monday Morning from a Blustery day in Ft. Lauderdale Dan. Thanks for the heads up.

Beneficiaries on insurance policies also.

Young & life in flux, name St Jude Hosp or an animal rescue and carry on. God will smile and no one will be standing around waiting for you to die. TFS

The best way to avoid all of this is to put everything into a Trust. The Trust attorneys should update all of the documents as part of handling the actual Trust transaction.

Dan you never know about people until money is involved I have family members that turned into Mr Hyde, when money came up for grabs ,I was shocked, family members are the worst , when your thinking they will do the right thing ,WRONG THEY ARE GREEDY ,and rich people are the worst

When I filled out my beneficiary form, under spouse, (now my X) I Put Not A Chance In Hell!

People can do what my friend did . She did NOT want her $ to go to her family at the time and said Everything goes to the Animals at the Shelters . If things ever change in life then she will change the will but if something happens or if you forget to change it ......the $ goes to take care of the animals.

I have not been to the beach in years! Looks so beautiful. Looks like Robert Moses bridge on Long Island. Thank you.🤙🏼❤️

I left two relationships because of not communicating. I find men do not talk about their feelings or their money. Its frustrating that people do NOT talk about things. Dan was right on. You dont talk, then problems occur.

Another messed up aspect of divorce: If you helped your spouse pay for school and/or student loan debt, you could ask for your half of that money back.

Dan, Love Huntington Beach, would give anything to afford to live there. Spent the summer of 1965 there, very fond memories. Good advice on beneficiaries!

The disadvantage of old coins is that they can't have so much exponential movement. Flokong is fresh and young and lovely

Thank you Dan I am not ready but this is pushing me to do something now.

In the near run, it appears that stocks will most certainly move lower. I'm excited to invest the $790k I recently inherited. Is now a good time to make large investments or should you hold off?

Don't forget to have a contingent beneficiary listed. Your beneficiary could die or go missing or whatever.

But it was his fault he never changed the beneficiary.. that's a legal document.

Thank you Dan for your informative videos. You’re always up to date and usually first to inform. You made mention of California law changes effective 7/1/24. One of the changes is a new “excise” tax on firearms purchases of 11%. Also, the state sees fit to do the same with munitions as well. What ever happened to “no taxation without representation?”

Thank you for all you do us Dan. You are the best informing us of the news!

Loved the report on the beneficiary. More of these reports need to be talked about.

you snooze, you lose. simple as that.

I thought they split retirement accounts with a QDRO when you get a divorce. Then each spouse has a separate account. They don't generally leave your retirement account open to claims from a former spouse.

I got “married” in a New Age community (Scotland) in 1974. He promised we’d get legally married whe we returned to the US. After 3 kids- endless nagging- always with the retort: “It’s just a piece of paper or you know I love you!” Finally- legally married in 1985- When I finally divorced him (45 years) for every form of malfeasance: it was “THAT LITTLE PIECE of PAPER” that allowed me a share of his social security! He bankrupted 4 generations of millions trading futures in Chicago!! Jesus Christ is real- He saved me-

It might be of interest of one being able to write up your own Will just by adhering to basic legalities and saving huge legal fees, be sure to get this document Witnessed !

This happened to a friend of mine. The second wife lost everything, house, car, pension etc. It all went to the first wife who claimed everything.

is Seattle that place that went very left wing and a complete dump ? !

Thanks Dan

Both wives are named O'Malley?? I'm an Irish woman. Ouch!!

What these brothers miss: It was never their money; if the deceased had wanted the estate to transfer within his family he would have addressed it properly. The court has to uphold the law as stated by the local legislature. Foolish of them to spend effort, energy and $$ to fight this case.

Thank you Rosemary, I finally see the real waters I love about America again... minus 23hrs flight and jet lag. Why is it nothing will happen in Seatle?

Every state works differently. In N.Y. if I collect my entire retirement there would be nothing for anyone. If I have a savings account and had pension money in there, then yes it would go to whom ever I designated to receive it.

I took a $100 dollar bill to my bank to be broken down into smaller bills. They had to have my name on my account before they would do the exchange. W.T.F.

If you are a young man, I can tell you confidently. This is the way that ANY woman you meet, interact with, date, or marry would prefer it be. That she have access or valid legal entitlement to all of your wealth.

Just recently did all of this. Good advice.

Very important advice. I learned this back in mid 90's when we lost my brother and share it with friends when the topic comes up. I also witnessed my Fidelity accounts blank out one year so now I check 2x a year and print a hardcopy.

With this heat wave unbelievable that the city park recreation has the swimming pools closed for the children family

Last time I was at Huntington Pier water was where your walking and restaurant at end of pier good burgers

'loopholes and sneaks' everywhere, Dan. Those with 'spikes' in there bodies, the music never stopped yet, get your affairs in order.

Military Draft Passed By Congress: Almost all male US citizens and immigrants between 18 and 25. It doesn’t matter if you’re planning on joining the military or not - if you fit that description, Uncle Sam wants your name on the list. There are a few exceptions to the rule. You can apply for an exemption if you’re a conscientious objector who morally or religiously opposes war. Transgender individuals are also exempt since the military still goes by your sex assigned at birth for draft purposes.

I can’t believe the company doesn’t make them update beneficiaries every so often

Wow...busy day at the beach. Thanks for the insight, Dan.

Great Advice Dan!!!!

I went through all that..I was a beneficiary on several accounts and you can sue all day long because you dont like it but you will lose in the end,a beneficiary is rock solid and the banks and lawyers will tell you so and its smart to appoint beneficiaries so you dont need to probate..simple and fast.

Why didn't your friend give her half the retirement at the time of the divorce?

BANK ACCOUNTS, IRA, RETIREMENT, 401K, WORK INSURANCE

Clearly Flokong was a right choice. Hope to learn more from you this is pure knowledge

Thanks Dan for the huge reminder. It's on my list and now I will put it at the top of my list. appreciate all the ocean views, use to live near Santa Cruz Calif. Thanks

Thank you Rosemary! I love the beach too!!!

Ty

Hi Dan. Your videos are so informative about everything. I'm so glad I found you. Keep up the great research, and oh, they are so enjoyable to watch wherever you are. There is a positive vibe about you that is irresistible. Thanks.

Everyone should look at all their beneficiaries especially on life insurance Many people never change their beneficiaries People die separate or break up I’ve seen people still have their parents as beneficiaries They should be looked at at least every few years

Dan, I went in and checked all your bank accounts. I think your OK. I actually put $40 into one of them..

"Just blame me, they always do"... @4:37 and then Dan laughs! You are hilarious, Dan, you crack me up!! LMAO!

Jeffrey wasn't too bright!