It is imperative that you designate (and keep current) beneficiaries on your Folio IRA accounts (the same can be said for all non-probate asset accounts such as pensions, company retirement plans, life insurance policies, and non-Folio IRAs).
Here’s how to name or change beneficiaries on your Folio IRA accounts:
- Find your username in the far upper right-hand corner of the screen.
- Click on it and choose “settings” from the drop-down box.
- Find your IRA account name and look for the “Change” heading.
- Click on “Beneficiaries.”
- Enter your primary beneficiary information first, along with the desired percentages for each. You may need to choose “add primary beneficiary.”
- After entering your primary beneficiaries, choose “add secondary beneficiaries” (again, adding more beneficiaries if and as needed). Percentages for each beneficiary type must add up to 100%.
- Continue as prompted until the process is confirmed and complete.
- Repeat this process for all IRA accounts.