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Six easy steps to protect your IRA re beneficiary designations


Six easy steps to protect your IRA (or other retirement plan/account) re beneficiary designations

1.  Be sure to name a primary beneficiary (or beneficiaries), using the appropriate beneficiary designation forms.

2.  Be sure to also name an alternate beneficiary in case the first beneficiary dies before you.

3.  Don’t name your estate as the beneficiary (not without lots of expert advice).

4.  Review the beneficiary forms once a year to make sure they still reflect your wishes.

5.  Update the beneficiary 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 beneficiary designation form, send it to the organization that holds the account, and request they acknowledge receipt.