FAQ's about Beneficiaries on your IRA.

As new clients open accounts or transfer their IRA's to us they are asked who they would like to add as a beneficiary. While most of us understand exactly what this means, it does raise many other questions. We've saved up those questions and today, Dustin covers the top FAQ's when it comes to beneficiaries on your IRA's.

If you have a Roth IRA or other IRA type then you can have a beneficiary or even many beneficiaries on your account.

You can name a person or even a charity if you like. First there are primary beneficiaries. These are the first in line to get your IRA should you leave this earth. You can name as many as you like as long as you specify a total percentage that equals out to 100%.

Next are back up beneficiaries in the event that your primary beneficiary has passed before you. This can also be anyone you like.

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[jj]

Can you put a person without social security number on as beneficiary?

[enufots]

You haven't covered 100% of the scenarios. What if you name 4 primary beneficiaries: Person A(25%), B (25%), C (25%), and D(25%). What happens if Person D had died and you didn't change the percentage designation before you die? Would it automatically change to become Person A (33.33..%), Person B(33.33..%), and Person C(33.33..%)?
Another question: What if you have 2 backup and each assigned 50%. Does all the Primaries have to die before anything goes to the backups?

[kimla]

Question. My sister passed away Oct 2021. I just found out she have 408K not sure same as 401K. She name me as her primary beneficiary. My question is what should I do next?? She passed away. I’m lost. Please help 🙏

[mothergenerous]

What are disadvantages of listing a Trust as beneficiary?