Ed Slott’s seminars highlight critical IRA updates nationwide

IRA expert Ed Slott and his team recently held seminars across the U.S. These two-day events focus on updates to IRAs, 401(k)s, and other retirement plans. They attract financial planners and media members who want to understand complicated regulations that have changed since 2020. Attendees receive a 400-page document containing essential information. A key point from the seminars is the importance of the IRA beneficiary form. Many account owners don’t realize this form is crucial for determining who gets their assets. Some mistakenly think that naming beneficiaries in a will is enough. This is incorrect, as only the names on the beneficiary form matter. If there are no beneficiaries specified, the assets will go through probate and be distributed according to state law. When naming beneficiaries, it's important to ensure the total percentages equal 100%. For those with multiple beneficiaries, each percentage should be clearly stated. Contingent beneficiaries should also be named in case a primary beneficiary cannot inherit. Changes in life, such as remarriage, should prompt an update to the beneficiary form rather than relying on a will. Finally, it's vital to keep track of who manages the beneficiary form, especially if a financial advisor changes firms. Important paperwork can sometimes get lost during transitions. Updating the beneficiary information promptly can prevent costly mistakes that might affect the distribution of assets in the future.