Planning for Special Circumstances

Tips for Designating IRA Beneficiaries

by Rania Combs

Wendy S. Goffe wrote a great guest article on last week that offered tips to avoid problems that can result from incomplete or inaccurate IRA beneficiary designations. Below are her recommendations

  1. Name a primary beneficiary (or beneficiaries).
  2. Name an alternate beneficiary in case the first one dies before you.
  3. Don’t name your estate as the beneficiary.
  4. Review these forms once a year to make sure they still carry out your wishes.
  5. Update your forms more often if there has been a change in your life circumstances, such as a birth, adoption, marriage, divorce or death.
  6. Each time you change the form, send it to the financial institution that holds the account, and ask them to acknowledge receipt.

You can read Wendy S. Goffe’s excellent article by clicking on the following link: The ABC’s of Beneficiary Designations.

About Rania

Rania graduated magna cum laude from South Texas College of Law Houston and is the founder of Rania Combs Law, PLLC. She has been licensed to practice law since 1994 and enjoys helping clients in Texas and North Carolina create estate plans that give them peace of mind.

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