Is My Will Enough?

Tag: beneficiary

September 5, 2017  |  

What Happens to My IRA When I Die?

Most people’s wills do not specify or control what happens to their IRAs. That’s because an IRA has its own distribution schedule that operates independently of a person’s will. IRAs have beneficiary designations that are created when the IRA is opened. These beneficiary designations should be reviewed on a regular basis and can be changed with written notice at any time prior to one’s death. Most people name their spouse as their primary beneficiary and then their children as contingent beneficiaries, with the children splitting their shares equally.

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