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Re:notary on a beneficiary designation (1 viewing) (1) Guest
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TOPIC: Re:notary on a beneficiary designation
#5648
Mark (User)
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notary on a beneficiary designation 6 Months, 1 Week ago Karma: 3  
Out of curiosity, why is a notary designation required when you name someone other than your spouse as a beneficiary on a retirement account? It states this requirement on the form. I asked my financial advisor and she was not able to answer the question.
 
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Jackie (User)
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Re:notary on a beneficiary designation 6 Months ago Karma: 3  
The owner of the account can change the beneficiary as he or she pleases. However, under ERISA, when the owner of a retirement account names someone other than the spouse as the primary beneficiary, a notary designation is required. I guess the intent is to make sure that the owner of the account intended to disinherit his or her spouse and the notary designation would eliminate the need to litigate the authenticity of the account owner's signature.
 
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Re:notary on a beneficiary designation 6 Months ago Karma: 3  
Thats cool. Thanks Jackie. I didnt know that it was required by ERISA.
 
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