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Top Tips From an Atlanta Will and Trust Lawyer to Avoid IRA Beneficiary Form Mistakes

atlanta will and trust lawyer

Putting together a solid estate plan with your Atlanta will and trust lawyer is an important step in protecting the future of yourself and your family.  In order to make sure that things go the way you’ve planned, it’s a good idea to occasionally double check who you have listed on your IRA beneficiary form.

In order to keep things in line with your estate plan, remember that the beneficiary designation form may be the final voice on who gets your IRA.  That can happen, even if you and your estate planning lawyer have rewritten your will.  (Yes, the designation form can outrank your will!) If you’ve had a change in your relationship with the person you previously designated, you’re going to want to get that form changed.

This isn’t the only problem your will and trust lawyer in Atlanta might be able to identify when it comes to the beneficiary designation form.  For example, it’s actually pretty common for individuals to not even know where that form is, despite the fact that their IRA may be the most valuable thing they’re planning to leave behind.  If you haven’t seen a copy of your form in awhile (or ever), you or an Atlanta estate planning lawyer need to contact the IRA administrator and get a copy to keep somewhere appropriate.

When you get that copy, take the time to review it.  You may see that plenty has changed since you set up your IRA.  Children, divorces, spouses, and even grandchildren may have come into play since that time.  Along those lines, if you’ve lost a child but want to ensure that his or her family receives a portion of your IRA, you will need to list them on the form because a deceased child cannot inherit.  In fact, anytime a beneficiary has passed away, it will affect your estate.  You can make this a little less of an issue by making sure to name backup beneficiaries.

If one or more of your beneficiaries is under the age of 18, your Atlanta will and trust lawyer may advise you to use the IRA to fund a trust instead.  This will give you a whole lot more say in how the money gets used.  In fact, even if you are leaving it to someone older, a trust still might be the way to go for several compelling reasons.

These are just a few of the complications that can come along with not properly designating beneficiaries for your IRA.  There are others that might come into play, as well, and an Atlanta will and trust lawyer should be able to go through them with you to create the best plan possible.

Cobb County Parents! Before You Fill Out Your Child’s Emergency Card This Year . . .

back to schoolDID YOU KNOW…

That if you were to pass away or become incapacitated while your child is at school, the authorities may not release your kids to those you listed on the school emergency card?

Why?

Because by law, the authorities can only leave your kids with their “legal guardian” or surviving parent if something happens to you.

If the surviving parent is unavailable or something happens to you both during school hoursyour child will may possibly be placed into the care of social services until a judge (who doesn’t know you or your wishes!) should decide where they should go.

That is NOT a position you want to put your kids in—especially during a time of grief!

Fortunately, putting a plan in place to make sure your kids are protected if something happens to you is EASY!

Here’s a brief checklist to help you “get your ducks in a row” before the school year starts:

  1. Have I legally documented short and long-term guardians to care for my kids if something happens to me and/or my spouse during school hours?
  2. Do the people I listed on my child’s school emergency card match those I’ve legally named as guardians? (If not, your emergency contacts will only have permission to pick your kids up if they are sick – not care for them if something happens to you).
  3. Have I provided my chosen guardians with the documentation they need and instructions on what to do if called upon in an emergency situation?
  4. Have I prepped the babysitter who watches my child either before school or after school on what to do if something happens to me so child services are not called in?

If you answered “no” to any of these questions, now is the perfect time to get a plan in place before the hustle and bustle of school season starts!

Just call me, Cobb County family lawyer, Steve Worrall. As a dad and a lawyer I am passionate about ensuring young families protect their children.  Call 770-425-6060 and ask to schedule a Georgia Family Treasures Planning Session at no charge (up to $750 value) and get $250 off your plan (any one of our 3 levels of planning packages) with the mention of this “Back to School” Article.

Together we’ll legally document your choice of guardians and create a plan that ensures your kids are cared for by the people YOU want if the unthinkable happens.

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