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Individual Retirement Accounts Beneficiary designations are frequently used in retirement plans, including Individual Retirement Accounts (IRAs) to determine who is entitled to account assets.As with a TOD, your IRA beneficiary inherits your assets when you die and supersedes a will or trust.Once a firm has been notified of the death of an account holder, the firm will request a variety of documents.These generally include some or all of the following, in whatever format the firm requires: Required documents differ depending on the account type at death.You can change beneficiaries or cancel your TOD throughout the life of your account, usually by filling out the documents a firm requires to make changes or revoke the TOD.Once you die, your designated beneficiaries cannot be changed.As with any new account, the process will include filling out a new account application that will require the beneficiary to provide some information about herself or himself and make certain decisions about the account.

Instead of simply “Your Name,” the account will be titled “Your Name, TOD Beneficiary Name.” While a TOD generally allows an account to avoid probate, depending on the size of your overall estate, estate taxes may apply on the assets in your account.

Once the necessary documents are received, a new account is typically set up for the beneficiary or estate, at which time securities registered in the name of the deceased person will be transferred.

Generally, no account activity (buying, selling, transfer of the account to another firm) can occur until legal authority is established and the new account is opened.

For example, different documents are required depending on whether the deceased had a single or joint account, whether one or both account holders are deceased, and whether the account is a trust account and the trustee or grantor has died.

Talk to your firm about your specific circumstances to get clarity on what documents the firm will need.

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With a brokerage account, this is often handled through a Transfer on Death Plan, or TOD.

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