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  • Why should I name a beneficiary?
  • How many beneficiaries should I name?
    The number of beneficiaries you name, and whether you make them primary or contingent beneficiaries, is up to you.
  • What’s the difference between a primary and a contingent beneficiary?
    A primary beneficiary will inherit your IRA assets unless he/she pre-deceases you. A contingent beneficiary will inherit your IRA assets only if your primary beneficiary(ies) has died before your IRA assets have been distributed.
  • If I name multiple beneficiaries, how do I control how much each one gets? What happens if the totals don’t add up to 100%?
    You can allocate a percentage of the assets to each beneficiary. For example, if there were two primary beneficiaries, you could allocate 50% of your assets to each, or 75% to one and 25% to the other, or some other combination thereof. The same applies for contingent beneficiaries. It’s important, though, that the totals add up to 100%, so that all assets are accounted for. If the totals do not add up to 100%, your assets will be allocated evenly among the named beneficiaries.
  • What if I have multiple beneficiaries and one of them dies before I do?
    The percentage share of any remaining beneficiary(ies) will be increased on a pro-rata basis unless you complete a new Beneficiary Designation form, reallocating your assets.

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