Updating process

There have been numerous cases of retirement account owners who have been divorced and remarried but have neglected to update their beneficiary designations accordingly.

You can use this installation package to install the latest released versions of WUA or the latest released versions of the file.Here we explain how you can programmatically determine whether the version of WUA that is running on the computer meets your needs, that is, whether the version is the latest or at least current enough.In other states, the default provision of the IRA plan determines the beneficiary if one is not designated by the plan holder.An IRA plan's documents also default the designation if the designated beneficiary predeceases the IRA owner.For instance, what if your primary beneficiary predeceases you and you fail to update the designation?

What if the organization to which you leave your assets becomes defunct before it inherits the assets?

For qualified plans such as profit-sharing plans, 401(k)s and money purchase pension plans, federal regulations automatically designate the spouse of the account owner as the beneficiary.

No one else may be designated as the primary beneficiary unless the spouse signs a document approving the designation and has it notarized.

If the retirement account owner is not married, then his or her estate may be the default beneficiary. Some states, known as community or marital property states, require written spousal consent if the IRA owner designates anyone other than, or in addition to, his or her spouse.

The following states require the consent to be notarized: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.

The issue of simultaneous death is then addressed by state law, which will determine that one spouse died first, even though both deaths occurred at the same time.