[WSBAPT] Custom IRA beneficiary designation form

[Steve King]

Hi Ronda,

I agree with what Diane said.  Time to fine a new company if at all possible.

I do have a couple of other thoughts.  Does your client have a financial advisor who handles the retirement account?  If so, I've had good luck with the advisor pushing the beneficiary designation through the system.  If they don't have someone, I usually resort to abbreviating and rewording the designation so that it fits into the company's form.  Depending on the company, you may be able to write a novella, as long as it fits in the box.  If I have to do that, I try to find someone at the company who can OK the wording before the client submits it.  This saves the client the frustration of signing a number of designation form only to have them each rejected.

Good luck.

Steve

Stephen R. King
steve at talislawfirm.com<mailto:steve at talislawfirm.com>

Talis Law PLLC
915 118 Avenue SE, Suite 360
Bellevue, WA 98005
Phone: (425) 943-9968
Fax: (425) 777-2097
talislawfirm.com<http://talislawfirm.com/>

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Diane J. Kiepe
Sent: Thursday, October 8, 2020 4:09 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Custom IRA beneficiary designation form

Rhonda,

I hear you and have been in your shoes.  I've had to tell my clients a time or two to move assets because of this or the best one - your beneficiary designation has to fit in the box on the form.

Of course this is not an option when you are dealing with an Insurance company.

Maybe put the first person on the form with a note continued on additional pages?

Diane J. Kiepe

Diane J. Kiepe
Douglas Eden
717 W. Sprague Ave.
Suite 1500
Spokane, WA  99201
djkiepe at depdslaw.com<mailto:djkiepe at depdslaw.com>
509-455-5300

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Ronda Larson Kramer
Sent: Thursday, October 8, 2020 4:04 PM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Custom IRA beneficiary designation form

Listmates,

For years I have been creating custom beneficiary designation forms for my clients' retirement assets, and they attach them to the custodian's own form and write "see Exhibit A, attached hereto" in the spaces for "primary beneficiary" and "contingent beneficiary", and they then get the whole thing notarized and send it off to the custodian. I now have a case where a custodian says this isn't going to work because "the phrase 'Exhibit A' is not a real person or entity. We require a real person or entity to be written in the spaces for primary and contingent beneficiary."

I'm at a loss as to what to say in response, other than, "this is a custom form and the custom form has that information." Any suggestions from those of you with more experience?

Ronda Larson Kramer
J.D., LL.M. Taxation, Owner

LARSON LAW, PLLC
Elder Law, Estate Planning
P.O. Box 7337
Olympia WA 98507
Ph: 360-259-3076
ronda at larsonlawpllc.com<mailto:ronda at larsonlawpllc.com>
www.larsonlawpllc.com<http://www.larsonlawpllc.com/>

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