Don Steinmann's Investment Tip of the Week

Don Steinmann's
Investment Tip of the Week

IRA Beneficiaries

Something that I often see is that people don’t designate the beneficiaries for their IRA accounts. Yet this is a simple process and an important one. Your IRA is essentially a separate legal entity from you and is not controlled by your will. The very good thing is that if you pass away, your IRA funds are distributed almost immediately. There is no probate involved.

So if you haven’t done so, get in touch with your IRA custodian, and get a beneficiary designation form. You should designate both primary and contingent beneficiaries in case something happens to the primaries. Then remember to review it every few years to make sure it’s what you still want.

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