On my IRAs I have designated beneficiaries as follows:
Primary: Spouse
Secondary: To my descendants who survive me, per stirpes
Can I do the same for 401K beneficiaries? Or do only IRAs allow per stirpes.
The Help Desk for my 401k provider at my employer seemed totally confused by the question and did not know what per stirpes is.
Thanks.
Thanks. Think that explains it. They kept telling me I need to do a trust to accomplish it. Suppose they don’t accept per stirpes.
Our clients generally provide for their children and more remote issue in trust rather than outright. However, except for the provisions leaving each beneficiary’s share to his/her trust rather than outright, the beneficiary designation would be the same regardless of whether the beneficiaries’ shares are outright or in trust.
Permalink Submitted by Alan - IRA critic on Tue, 2017-10-10 16:52
You can use per stirpes for any retirement account for which the administrator will accept that format.