Correctly naming the beneficiaries on your retirement accounts is more important than you might think. Contrary to common belief, retirement accounts, such as IRAs, 401(k)s, 403(b)s, and transfer on death (TOD) accounts, do not fall under your trust or will. The distribution of these assets is dictated solely by the beneficiaries listed on each account, and in particular by certain stipulations, namely per stirpes and per capita, that determine exactly how the distributions are divided.
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What do per stirpes and per capita mean
An example of per stirpes and per capita in action
Other distribution rules
Should you elect per stirpes on your my taxable accounts
Investment advice offered through Stratos Wealth Partners, Ltd, a registered investment advisor; DBA Brown Wealth Management. Stratos Wealth Partners and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only; and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
