Get the free IRA BENEFICIARY DESIGNATION

This document is used to designate beneficiaries for an IRA, providing the owner the ability to specify who will receive the assets upon their death.

How to fill out ira beneficiary designation

How to fill out IRA BENEFICIARY DESIGNATION

1. Obtain the IRA Beneficiary Designation form from your IRA custodian.
2. Read the instructions provided on the form carefully.
3. Provide your personal details, including your name, address, and account number.
4. List the primary beneficiaries by entering their names, dates of birth, and relationships to you.
5. If desired, add contingent beneficiaries, who will inherit the account if the primary beneficiaries are unable to.
6. Specify the percentage of the account each beneficiary will receive, ensuring the total equals 100%.
7. Sign and date the form to validate it.
8. Return the completed form to your IRA custodian, either by mail or electronically, as instructed.

Who needs IRA BENEFICIARY DESIGNATION?

1. Individuals who have opened an IRA (Individual Retirement Account) and want to designate who will inherit the account upon their death.
2. People who want to ensure their retirement savings are transferred according to their wishes.
3. Anyone looking to provide financial security to their chosen beneficiaries after their passing.

People Also Ask about

What do you call a person who inherits a traditional IRA?

An inherited IRA, also known as a beneficiary IRA, is an IRA account you inherit from someone who has died. Anyone can inherit an IRA, including spouses, family members, and non-related individuals, as well as estates and trusts.

Who is a designated beneficiary of 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.

How to fill out a beneficiary designation?

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.

What is the correct way to title an inherited IRA?

Inherited IRA Account Title If John Doe passes away, leaving his IRA to his daughter Jane Doe, the account should be titled something like, “John Doe (deceased June 2019) Inherited IRA FBO of Jane Doe, Beneficiary.” The deceased owner's name and the words “inherited IRA” or “beneficiary” must be in there.

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

If the account owner doesn't name any beneficiaries and dies without a will, the IRA is subject to state laws of intestate succession. While the laws vary, surviving spouses and children usually top the list to inherit assets, which would include IRA funds.

What is a beneficiary designation?

Beneficiary designations allow you to transfer assets directly to individuals, regardless of the terms of your will. Beneficiary designations are often made when a financial account, retirement account, or life insurance policy is established. But, these designations should be reviewed periodically.

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.”

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.

For pdfFiller’s FAQs

What is IRA BENEFICIARY DESIGNATION?

IRA Beneficiary Designation is a form that allows an account holder to specify who will inherit the assets of their Individual Retirement Account (IRA) upon their death.

Who is required to file IRA BENEFICIARY DESIGNATION?

Any individual who opens an IRA is required to file a Beneficiary Designation to ensure that their assets are transferred according to their wishes after their death.

How to fill out IRA BENEFICIARY DESIGNATION?

To fill out an IRA Beneficiary Designation, the account holder must provide details such as the beneficiary's name, relationship, date of birth, and contact information. It should also specify whether the beneficiary is primary or contingent.

What is the purpose of IRA BENEFICIARY DESIGNATION?

The purpose of an IRA Beneficiary Designation is to clearly indicate who will receive the IRA assets upon the account holder's death, helping to avoid probate and ensuring a smooth transfer of funds.

What information must be reported on IRA BENEFICIARY DESIGNATION?

The information required on an IRA Beneficiary Designation includes the beneficiary's full name, contact information, relationship to the account holder, and the percentage of the account they are to receive.