#365 Days Of Financial Capability – Day 12
Usually, when you open an account, you will be required to list a next-of-kin.
However, for many reason, you may no longer be in relationship with the listed next-of-kin. As such, you should update that information on your accounts as often as you may need to.
Typical reasons why you may want to change your next of kin – marriage, divorce etc.
It is important to note that when you state a person as your next of kin to a financial institution, your financial assets do not immediately go to the next of kin. It simply means that they are the first point of contact if you happen to pass. They are supposed to be the trusted person that you know will do that right thing and ensure all processes are done correctly.
About Thrive Financial Advisors
We are a financial education company with the mission to spread the message of financial capability – the knowledge, confidence, and opportunity to act on financial matters.
Ready to develop your financial capability and become #Fintelligent?