Beneficiary Form Checklist
| Name: | Date: |
| Advisor's Name: |
Follow-ups should be added to the To Do list at the end of this checklist.
| 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? | ||
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 | ||
3. | Is there a contingent beneficiary named on each beneficiary form? What would be the effect of disclaiming? | |
4. | Is a signed beneficiary form on file with the Trustee/Custodian/plan provider for each retirement account? | |
5. | Is there an acknowledged copy of each most recently signed beneficiary form? (In case the plan provider “loses” its copy.) | |
6. | Does the Advisor have a copy of each most recently signed beneficiary form? | |
7. | Can the Trustee/Custodian/plan provider locate and/or produce its copy of each most recently signed beneficiary form? | |
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.) | |
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. | |
10. | Does the beneficiary form allow the beneficiaries to stretch payouts? | |
11. | Who are the primary beneficiaries and what % do they inherit? (Should = 100%) | |
12. | Who are the contingent beneficiaries and what % does each inherit? (Should = 100%) | |
13. | Are there multiple primary or contingent beneficiaries? | |
14. | If there are multiple beneficiaries, make sure each beneficiary's share is clearly stated. | |
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 | ||
| 4 | ||
| 5 | ||
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