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By David M. Watts, Jr. |
Do you want your heirs to have to chase after your 401K or IRA money? Many of us have a significant portion of our assets held in retirement plans, such as 401Ks and IRAs, and your Will does not control who gets your 401K or IRA. Therefore, it is important to make sure you have an up-to-date beneficiary form. The beneficiary form trumps your Will, and filling out the beneficiary form correctly is critical. The biggest mistakes:
The bottom line: Done correctly your 401K or IRA can preserve some significant funds for future generations to enjoy. The rules surrounding retirement plans and IRAs are complicated, but don’t make matters worse by not paying attention to your beneficiary forms. When a good portion of your assets are held in an IRA or other form of retirement plan please consider expert help.
© 2014 McNees Wallace & Nurick LLC
McNees Insights is presented with the understanding that the publisher does not render specific legal, accounting or other professional service to the reader. Due to the rapidly changing nature of the law, information contained in this publication may become outdated. Anyone using this material must always research original sources of authority and update this information to ensure accuracy and applicability to specific legal matters. In no event will the authors, the reviewers or the publisher be liable for any damage, whether direct, indirect or consequential, claimed to result from the use of this material.
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