Ask Terry Questions IRA Beneficiary

IRA Beneficiary

By Terry Savage on November 25, 2023 | Financial Planning / Retirement

Should an IRA account be placed in a Trust?

Terry Says

You can’t “place” an IRA in a trust. It is a qualified retirement account with a custodian — the mutual fund company, bank, or financial services firm that holds your account.
You should NOT name your Revocable Living Trust as a beneficiary. Instead, name an individual, or two individuals, to be BENEFICIARIES of your IRA. And perhaps a “contingent beneficiary” should the first-named beneficiary die before you do.
Naming a beneficiary is a simple process. Ask your custodian.

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