It is not unusual for clients to wait 20 years or longer before re-reading their wills or revocable trusts to determine if they still “work.” This occasionally creates expensive or frustrating problems. Continue reading
In limited circumstances it is prudent to name a trust as IRA beneficiary. The practice should be used sparingly, however, because it adds a layer of complexity and increases the administrative burden.
IRA beneficiary designations are commonly overlooked, but incredibly important. In general, a will does not affect the destination of IRA monies at death; instead, the beneficiary designation controls.
IRAs, 401(k)s and retirement plan benefits are frequently the most valuable assets we own. A common assumption is that signing a will takes care of these items. It doesn’t.