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Account beneficiaries

Account beneficiaries

You can designate who will receive the assets in your IRA upon your death. You must designate these beneficiaries on the beneficiary form for your IRA. A designated beneficiary can only be a person, not an entity like your estate. 

If there is no designated beneficiary, then whoever inherits your IRA may be required to withdraw funds from the IRA sooner than they would have if they had be designated beneficiaries. Doing so can significantly increase the taxes they must pay on the IRA.

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Per Stirpes or Per Capita

Per Stirpes or Per Capita

Some beneficiary designations include the option of “Per-Stirpes” or “Per-Capita”.

A Per Stirpes designation means that, if one of your beneficiaries is deceased at the time of your death, the deceased person’s children will receive their share of your retirement account.

A Per Capita designation means that, if one of your beneficiaries is deceased at the time of your death, then the other beneficiaries will receive their share of your retirement account.

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