Beneficiary Form Checklist
Beneficiary Form Checklist
| Name: | Date: |
| Advisor’s Name: |
| 1. | Where are copies of the beneficiary forms kept? | |
| Can the copies be found? (Do they match what is on file with the plan? If not, request copies from the plan or file new forms with the plan.) | ||
| Do beneficiaries or the executor of the estate know where to find copies of the beneficiary forms? | ||
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2. |
Are the beneficiary forms current? | |
| Do they consider any recent changes in the IRS rules? (i.e. the correct life expectancy table is being used for required distribution calculations) | ||
| Do they consider state or federal estate and tax law changes? (i.e. state estate tax decoupling that could mean estate tax due at death) | ||
| Do they consider plan limitations? (i.e. no stretch opportunity) | ||
| Do they consider life events that could change my beneficiary elections? | ||
| adoption | ||
| beneficiaries to eliminate | ||
| births – child or grandchild | ||
| deaths | ||
| divorces | ||
| marriages | ||
| special needs beneficiaries | ||
| other life events | ||
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3. |
Is there a contingent beneficiary named on each beneficiary form? What would be the effect of disclaiming? | |
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4. |
Is a signed beneficiary form on file with the Trustee/Custodian/plan provider for each retirement account? | |
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5. |
Is there an acknowledged copy of each most recently signed beneficiary form? (In case the plan provider “loses” its copy.) | |
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6. |
Does the Advisor have a copy of each most recently signed beneficiary form? | |
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7. |
Can the Trustee/Custodian/plan provider locate and/or produce its copy of each most recently signed beneficiary form? | |
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8. |
When the estate plan was drafted, did it take into account the retirement assets? (Retirement assets will pass according to the beneficiary form, not the will.) | |
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9. |
The beneficiary form should name a person not an entity as beneficiary unless the retirement assets are being left in whole or in part to a charity or a trust. | |
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10. |
Does the beneficiary form allow the beneficiaries to stretch payouts? | |
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11. |
Who are the primary beneficiaries and what % do they inherit? (Should = 100%) | |
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12. |
Who are the contingent beneficiaries and what % does each inherit? (Should = 100%) | |
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13. |
Are there multiple primary or contingent beneficiaries? | |
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14. |
If there are multiple beneficiaries, make sure each beneficiary’s share is clearly stated. | |
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15. |
If there are multiple beneficiaries, is there a need to create separate accounts for them now? | |
| Follow-Up | ||
| To Do List | Date Completed | |
| 1 | ||
| 2 | ||
| 3 | ||
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| 5 | ||
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