You might think your partner will automatically inherit your accounts or assets when you pass, but many people are shocked to learn that beneficiary designations often benefit the financial institution more than the person you love. Outdated policies, restrictive rules, and inflexible account agreements can leave surviving partners with fewer rights—and more headaches—than expected. These are beneficiary rules that favor banks over living partners, and they’re more common than most people realize. If you’re not proactive about planning and paperwork, your partner could be left out entirely while the bank sticks to the fine print. Here are eight rules that tend to protect banks first and people second.
