POA for IRA’s Named In A Revocable Living Trust
My wife and myself have IRA’s that indicate each of us as primary beneficiaries with contingent beneficiaries for each
others trust.
Is it necessary to have a power of attorney for the IRA’s?
Terry Says
Do you also have an estate plan, preferably a Revocable Living Trust, that appoints each other as trustees to act independently? If so, that would cover it.
But if you don’t have any estate plan, you’d each want to have a healthcare power of attorney for medical decisions. (You’d need that with a RLT, as well.) AND, a “springing” business power of attorney for ALL other financial decisions, should one of you become incapacitated.
Consult with your estate planning attorney. And before you do, please watch this;
https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
