Question:
I have a Will leaving my property to my family and friends. I was wondering if I need to do anything with my IRA or will that money also be included in my Will?
Answer:
How your IRA assets are distributed depends on whether or not you have named a beneficiary on your IRA account. If you named a beneficiary when establishing your IRA, that designation normally controls who receives your IRA assets. The custodian of your IRA account will distribute your assets directly to your named beneficiary. If you did not designate a beneficiary, your IRA assets will go into your estate and be distributed in accordance with your Will. This will require that those assets also go through probate before distribution.
You should review all IRA’s, life insurance policies, and estate planning documents periodically, to ensure that they are up to date and meet your current needs. Taking the time now to review and update these documents can save you and your beneficiaries both time and money in the future.
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