Splitting IRA among non spousal beneficiaries

If an individual Joe Smith wishes to leave his IRA to his 4 children in equal shares, is this the correct sequence?
1. Name the 4 children on the IRA beneficiary form, stipulating their shares
2. At death of Joe Smith, IRA is split into 4 separate IRAs by way of a trustee-to-trustee transfer
3. Each new IRA must be titled correctly “Joe Smith deceased, FBO name of child”
4. The split must occur no later than the end of the year following the year of Joe’s death