Beneficiaries & Death Benefits FAQ

How do I set up beneficiaries if I'm legally married? If you are legally married, your spouse must be listed as the primary beneficiary at 100%. If you want to include other beneficiaries as primary, your spouse must sign and notarize a waiver form.

If my spouse waived beneficiary rights on my 401(k) and I later open an IRA, does the waiver carry over? No. The spousal waiver only applies to the specific plan it was signed for. A new waiver must be signed for each separate plan, including a new IRA.

Is my IRA included in my estate if I have a primary beneficiary listed? No. If your IRA has a designated primary beneficiary, it is excluded from the estate and goes directly to the listed beneficiary.

If there are multiple beneficiaries and only one comes in to claim, what happens? Each beneficiary claims their designated percentage. If one beneficiary claims first, they receive their share (e.g., 50%). When the remaining beneficiary comes in later, they claim their full share of the remaining balance.

Is an acknowledgement form needed for a death benefit payout? Yes. The beneficiary must sign an acknowledgement form confirming they understand the available options and tax consequences.