Get the free IRA Beneficiary Election Form - Virtus Investment Partners

Virus Investment Partners PO Box 9874 Providence, RI 02940-8074 IRA Beneficiary Election Form For assistance, please contact us at 1-800-243-1574 or visit our website at Virtus.com Important Information

How to fill out ira beneficiary election form

How to fill out an IRA beneficiary election form:

1. Obtain the form: The first step is to obtain the IRA beneficiary election form from the financial institution where your IRA account is held. You can usually find the form on their website or request a physical copy from their customer service.
2. Fill in personal information: Start by filling in your personal information, including your full name, address, social security number, and date of birth. This information helps identify you as the account holder.
3. Identify the account: Provide the necessary details about your IRA account, such as the account number and the name of the financial institution holding the account. This helps ensure that the form is properly associated with your specific IRA.
4. Choose primary beneficiary: In this section, indicate who you want to be the primary beneficiary of your IRA account after your passing. You will need to provide the full name, address, social security number, and relationship to the account holder of the primary beneficiary.
5. Consider contingent beneficiaries: Contingent beneficiaries are the individuals who will inherit the IRA account if the primary beneficiary dies before or at the same time as the account holder. You can list one or multiple contingent beneficiaries, providing their complete information just like with the primary beneficiary.
6. Determine the percentage allocation: Specify the percentage of the IRA assets that each beneficiary (both primary and contingent) will receive. The percentages should add up to 100%. If you want to allocate equal portions to all beneficiaries, simply divide 100% by the number of beneficiaries.
7. Review and sign: Carefully review all the information you have provided on the form to ensure accuracy. Once you are confident that everything is correct, sign and date the IRA beneficiary election form. Some forms may also require the signature of a witness or a notary public.

Who needs an IRA beneficiary election form:

1. Individuals with an IRA account: Anyone who has an individual retirement account (IRA) should consider filling out an IRA beneficiary election form. This form allows account holders to specify who will inherit their IRA assets after their passing.
2. Those who want to control the distribution of their IRA assets: By completing the IRA beneficiary election form, individuals can ensure that their IRA assets are distributed according to their wishes. Without this form, the distribution may be subject to default rules or state laws, which may not align with the account holder's intentions.
3. People who want to avoid probate: Designating beneficiaries through an IRA beneficiary election form helps bypass probate proceedings. This means that the assets can pass directly to the designated beneficiaries, avoiding potential delays and costs associated with the probate process.
4. Account holders with changing circumstances: Life is unpredictable, and circumstances can change over time. It is important for IRA account holders to periodically review and update their beneficiary designations to reflect any changes in relationships, such as marriages, divorces, births, or deaths of beneficiaries.

Remember, it is recommended to consult with a financial advisor or estate planning professional to ensure your IRA beneficiary election form aligns with your overall estate planning goals and meets all regulatory requirements.

For pdfFiller’s FAQs

What is ira beneficiary election form?

The IRA beneficiary election form is a document used to designate the individual or entity who will receive the assets held in an individual retirement account (IRA) upon the death of the account holder.

Who is required to file ira beneficiary election form?

Any individual who owns an IRA and wants to designate a beneficiary to receive the account's assets upon their death is required to file an IRA beneficiary election form.

How to fill out ira beneficiary election form?

To fill out an IRA beneficiary election form, you need to provide your personal information, such as your name, Social Security number, and contact details. You also need to specify the name, relationship, and contact information of the designated beneficiary. Additionally, you may need to indicate the percentage of the assets each beneficiary should receive.

What is the purpose of ira beneficiary election form?

The purpose of the IRA beneficiary election form is to ensure that the assets held in an IRA are distributed according to the account holder's wishes upon their death. By designating a beneficiary, the account holder can avoid potential conflicts and delays in the distribution of the IRA assets.

What information must be reported on ira beneficiary election form?

The information that must be reported on an IRA beneficiary election form typically includes the account holder's personal information, such as name, Social Security number, and contact details. It also requires the beneficiary's name, relationship to the account holder, and their contact information.

How can I send ira beneficiary election form for eSignature?

To distribute your ira beneficiary election form, simply send it to others and receive the eSigned document back instantly. Post or email a PDF that you've notarized online. Doing so requires never leaving your account.

How do I make changes in ira beneficiary election form?

With pdfFiller, you may not only alter the content but also rearrange the pages. Upload your ira beneficiary election form and modify it with a few clicks. The editor lets you add photos, sticky notes, text boxes, and more to PDFs.

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