Get the free IRA and ESA Beneficiary Designation Form

Use this form to add or update beneficiary records for an existing Individual Retirement Account or Education Savings Account. It provides details on how to designate beneficiaries for account assets

How to fill out ira and esa beneficiary

How to fill out IRA and ESA Beneficiary Designation Form

1. Obtain the IRA and ESA Beneficiary Designation Form from your financial institution or their website.
2. Fill in your personal information, including your full name, address, and account number.
3. Identify the primary beneficiaries by providing their names, addresses, relationship to you, and Social Security numbers, if required.
4. If applicable, designate contingent beneficiaries in case the primary beneficiaries predecease you.
5. Specify the percentage of the account each beneficiary will receive; make sure the total equals 100%.
6. Review the completed form for accuracy and clarity.
7. Sign and date the form to validate your designation.
8. Submit the form to your financial institution as instructed, whether by mail or online.

Who needs IRA and ESA Beneficiary Designation Form?

1. Individuals who have established an IRA (Individual Retirement Account) or ESA (Coverdell Education Savings Account).
2. Account holders who want to designate beneficiaries for their retirement or education funds.
3. People who want to ensure their assets are distributed according to their wishes upon death.

People Also Ask about

What is the difference between an inherited IRA and a beneficiary IRA?

An Inherited IRA, or a Beneficiary IRA, is an account that is opened when someone inherits an IRA or employer-sponsored retirement account after the original owner's death. As a beneficiary, you can't make additional contributions.

Who is the beneficiary designation for an IRA?

Any of the following individuals are considered an eligible designated beneficiary (EDB): a surviving spouse, a disabled or chronically ill individual, an individual who is not more than 10 years younger than the IRA owner, or a child of the IRA owner who has not reached the age of majority.

What happens if I don't designate a beneficiary on my IRA?

If you don't designate beneficiaries for your IRA, your assets will pass to your spouse (if you're married at the time of your death) or your estate (if you're not married at the time of your death). A beneficiary receives your assets after your death.

What happens if you don't name a beneficiary on an IRA?

If you don't designate beneficiaries for your IRA, your assets will pass to your spouse (if you're married at the time of your death) or your estate (if you're not married at the time of your death). A beneficiary receives your assets after your death.

Who is a designated beneficiary for a retirement plan or IRA?

Designated Beneficiaries This could be, for example, an adult son or daughter, or certain types of trusts. Designated beneficiaries must use all of the funds in an inherited IRA within 10 years of the original IRA owner's death.

Who is the beneficiary designation of an IRA account?

Default beneficiary provision The account owner's spouse is the beneficiary or, if none, the owner's children, equally. If an account owner's child predeceases the owner, then that child's share is distributed to their own children (the owner's grandchildren) equally or, if none, the surviving children equally.

How to fill out a beneficiary designation form?

Most beneficiary designations will require you to provide a person's full legal name and their relationship to you (spouse, child, mother, etc.). Some beneficiary designations also include information like mailing address, email, phone number, date of birth and Social Security number.

Whose name is on an inherited IRA?

The deceased IRA owner's name must remain on the inherited IRA account title and the account title must indicate that it is an inherited IRA by using the word “beneficiary” or “beneficiary IRA” or “inherited IRA.”

For pdfFiller’s FAQs

What is IRA and ESA Beneficiary Designation Form?

The IRA and ESA Beneficiary Designation Form is a document used by account holders to specify the individuals or entities that will inherit the funds in their Individual Retirement Account (IRA) or Education Savings Account (ESA) upon their death.

Who is required to file IRA and ESA Beneficiary Designation Form?

Account holders of IRAs and ESAs are required to file the Beneficiary Designation Form to ensure that their chosen beneficiaries are clearly identified and that the account proceeds are distributed according to their wishes after their death.

How to fill out IRA and ESA Beneficiary Designation Form?

To fill out the IRA and ESA Beneficiary Designation Form, account holders should provide their personal information, list primary and contingent beneficiaries with their details (such as name, relationship, and contact information), and sign the form to validate it.

What is the purpose of IRA and ESA Beneficiary Designation Form?

The purpose of the IRA and ESA Beneficiary Designation Form is to ensure that the account holder's assets are passed on to their chosen beneficiaries in a manner that reflects their wishes, thus avoiding potential disputes or complications after their passing.

What information must be reported on IRA and ESA Beneficiary Designation Form?

The information that must be reported on the IRA and ESA Beneficiary Designation Form includes the account holder's name and contact information, details of the beneficiaries (including names, Social Security numbers, relationships to the account holder, and percentage of assets to be allocated), and any specific instructions for distribution.