10 Questions Advisors Must Ask about IRA Custodial Documents
More helpful information on IRAs from expert Ed Slott:
Financial advisors should make sure they know the following about the IRAs they advise clients about:
- What is the “default option” when there is no beneficiary named?
- Are “per stirpes” beneficiary provisions accepted?
- Is a customized beneficiary form accepted?
- Can the beneficiary name a beneficiary?
- Can Non-Spouse beneficiaries move investments via a trustee-to-trustee transfer?
- Are multiple beneficiaries and IRA splitting permitted?
- Will a trust be accepted as beneficiary?
- Will your Power of Attorney form be accepted?
- Is there a divorce provision?
- Is there a “simultaneous death” provision?
The answers are in the IRA custodial document that set forth the rules that govern the IRA.
