Ira Beneficiary in Calif
My client is a single mother with Ira’s and a 403b plan at work. She has designated her 12 year old son thru a custodian as her beneficiary. She is getting married. Does she have to get her new husband’s signature in order to keep her son as the primary beneficiary?
Permalink Submitted by Alan - IRA critic on Thu, 2022-11-17 23:15
Being a community property state, if the custodian knew her marital status, they would probably request a spousal waiver, even if her prior IRA funds are not community property. To avoid any post death issues for her son, she should actually initiate completion of the custodian’s waiver form up front for the IRA. The 403b automatic spousal beneficiary status may depend on whether the 403b falls under ERISA or not. She should complete proper forms for that account as well, since new spouse could automatically become the beneficiary and file a post death action. The 403b would also become community property if she is contributing to it post marriage.