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© Dmitry Naumov/One of the easiest and most helpful estate-planning tools to use is also the easiest to mess up.All too often IRA owners commit costly mistakes on their beneficiary form that may leave loved ones out in the cold despite the best intentions.KCC does not undertake any obligation to update, modify, revise or reorganize the information provided herein, or to notify you or any third party should the information be updated, modified, revised or reorganized.
If the decedent leaves a will directing how his or her property should be distributed after death, the probate court must determine if it should be admitted to probate and given legal effect.
The Uniform Probate Code (UPC) was first proposed in 1969 by the National Conference of Commissioners on Uniform State Laws and the House of Delegates of the American Bar Association.
The prime focus of the UPC is to simplify the probate process.
Indeed, if you get remarried and change your will, but forget to amend your IRA, the person named on your IRA beneficiary form (most likely your ex) would be legally entitled to your assets when you die — and, thus, able to pass that money along to any children he or she had from other marriages.
“Retirees can very easily leave their IRA to someone not within their wishes, or leave it to someone within their wishes, but with very negative tax consequences,” says Brown, noting many of his clients have insisted that their beneficiary forms are “taken care of” only to discover on closer inspection that their ex-spouse was still named as sole beneficiary. Those who name their estate as their IRA beneficiary, or who inadvertently do so by failing to select a beneficiary, deprive their heirs of a significant growth opportunity.