Court Says Intent Is Not Sufficient for Determining ‘Who Is the Beneficiary’
Aug 21, 2017
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By Denise Appleby, APA, CISP, CRC, CRPS, CRSP
Retirement account owners who fail to follow the procedural and compliance requirements for naming a beneficiary may unintentionally disinherit those they intend to receive their accounts. Such rules are narrowly defined by the plan provider or IRA custodian. Participants who stray from them could create “unintended beneficiaries.”