Life and Death Planning for Retirement Benefits

508

Life and Death Planning for Retirement Benefits

for such Beneficiary’s benefit under Article [NUMBER] of the [TRUST NAME] Trust, dated [TRUST DATE], a copy of which is attached hereto, to be held, administered, and distributed for the benefit of such Beneficiary as provided therein.

3.7 Different Beneficiaries for Roth, Traditional, Accounts

See ¶ 5.8.06 (A) for why a client may want to name different beneficiaries (or different contingent beneficiaries, as in this Form 3.7) for his “traditional” and “designated Roth” (DRAC; see ¶ 5.7 ) accounts in a single 401(k), 403(b), or 457 plan at his place of employment. This form provides an example of such a bifurcated beneficiary designation. Be aware, however, that the plan may not be willing to accept this type of split beneficiary designation, since it increases the burden on the plan administrator. This form is not suitable for an IRA. With an IRA, the entire account is either a traditional or a Roth IRA. You need a separate beneficiary designation form for each IRA , but you could not have different beneficiary designations for different portions of a single IRA. I hereby designate my Primary and Contingent Beneficiaries for my “Roth” and “traditional” accounts in the Plan: A. I hereby designate, as my Primary Beneficiary with respect to my “designated Roth account” in the plan, to receive 100% of the Death Benefit with respect to said account, my spouse [SPOUSE NAME], if my said spouse survives me, and as my Contingent Beneficiary (to take said account if my said spouse does not survive me, or to the extent my said spouse disclaims the benefits), my issue surviving me, by right of representation. B. I hereby designate, as my Primary Beneficiary with respect to any and all other accounts I have in the plan, to receive 100% of the Death Benefit with respect to said accounts, my spouse [SPOUSE NAME], if my said spouse survives me, and as my Contingent Beneficiary (to take said account(s) if my said spouse does not survive me, or to the extent my said spouse disclaims the benefits), [NAME OF CHARITY], for its general charitable purposes. II. Designation of Beneficiary

3.8 Formula Gift with Reference to Outside Fiduciary

See the “Checklist: Drafting the Beneficiary Designation,” Question 4(C), p. 497. Pair this with Form 5.2.

II. Designation of Beneficiary

I hereby designate as my Primary Beneficiaries, to receive 100% of the Death Benefit, the following persons in the following proportions: To the trustee then serving of the [NAME OF TRUST], under Agreement of Trust dated _______________, a copy of which is attached hereto (hereinafter, the “Trust”), I leave a fractional portion of my Death Benefit. The fractional portion shall be determined by multiplying the value of the Death Benefit as of the date of my death by a fraction, the