Beneficiary Form Resolutions

Monday, January 13, 2025

We are two weeks into 2025. Have you been following through on your New Year’s resolutions? As our readers already know, for an IRA owner not to follow through on his or her annual check up of beneficiary forms could have dire consequences.
Repeat after me: In 2025, I will…

  • Obtain a copy of the beneficiary form for each IRA I own.
  • Ensure I have named a primary beneficiary and a secondary (contingent) beneficiary for each IRA I own.
  • If there are multiple beneficiaries, make sure that each beneficiary’s share is clearly identified with a fraction, a percentage or the word “equally” if applicable.
  • Ensure that the financial institution has my beneficiary selections on file and that their records agree with my choices.
  • Keep a copy of all my IRA beneficiary forms and give copies to my financial advisor and attorney.
  • Let my beneficiaries know where to locate my beneficiary forms.
  • Review my beneficiary forms at least once per year to make sure they are correct and reflect any changes during the year due to new tax laws or major life events, such as death, birth, adoption, marriage, re-marriage or divorce.
  • Check the IRA custodial document for every financial institution that holds my IRA funds. I will make sure that the financial institution allows the provisions that are important to me and my IRA beneficiaries.
  • Do all of the above for any company retirement plan accounts I have, like 401(k)s, 403(b)s, or 457 plans.

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