When doing your estate planning, never neglect to name the beneficiary of your IRA. If you started at a company when you were just out of college and before you got into a serious partnership or marriage, you may have put it off.
The other option you might have faced was naming one or both of your parents or perhaps a sibling, niece or nephew.
As time passes, your estate plan should change
While the above choices were prudent when you made them, your own life changes necessitate keeping up with your estate plan. If you failed to initially designate a beneficiary, now is a great time to do so or review the initial beneficiary whom you chose.
So, who should be the one to get your IRA benefits after you pass?
Your circumstances dictate your beneficiary
In many situations, it makes sense to list your spouse as your beneficiary. But there are other times when it might take a little more forethought. For example, someone who had children with a former partner and then remarried might want to leave the IRA to his children. This is especially true if the other spouse has their own resources and streams of wealth.
Gather knowledge when planning your estate
It can be very challenging to work out and make changes to your estate plan. This is something that you do not have to attempt on your own. Loop in your financial and legal advisers and learn all that you can about whom to choose as the beneficiary of your IRA.