Retirement & Financial Planning Report

When you create an IRA you’ll either use the beneficiary form that’s provided or create a customized form. That’s only the beginning, though. Other steps to take:

* Send two copies of the form to your IRA custodian (probably a bank, broker, or mutual fund company) via certified mail with a return receipt.

* Request that the custodian acknowledge receipt and return the acknowledged copy in a self-addressed return envelope that you have furnished.

* Keep this acknowledged copy in the same place as your will and other key documents.

Why go to all this bother? Because IRA beneficiary forms have been known to be lost or not properly recorded by IRA custodians. If you keep your form accessible, eventually it may be retrieved and used to instruct the custodian on your IRA’s disposition.