Retirement Accounts and Estate Planning
If you've contributed to a retirement account (IRA, 401(k), or other individual plan), then you've probably already avoided probate for the money in the account. That's because when you set up an account, your employer or the plan administrator typically gives you a form to fill out, asking you to name a beneficiary to inherit the funds in the account at your death. If you entered the name of one or more persons you want to leave the money to, you're in good shape. They'll be able to collect the money quickly and easily, without probate.
Still, there are some things you should know about naming beneficiaries: the rights of your spouse, the drawbacks of naming more than one beneficiary, and more. Here is information about your choices, so you can make the best decisions for your family.
Retirement plans can be a significant part of your estate plan.
Eventually, you must take money out of your non-Roth retirement accounts every year—or pay hefty penalties.
Stay up to date on the latest rules that impact your IRA and 401(k) contributions, withdrawals, and inheritances.
Leaving your IRA to your spouse is usually a good choice, for several reasons.
Here are some considerations when naming someone besides a spouse as a beneficiary to your qualified plan or IRA.
Your spouse—or former spouse—may have a legal claim to your retirement account, so proceed with caution.
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