Yes. We recommend that all of our IRA plan holders designate at least one beneficiary by completing the IRA Designation or Change of Beneficiary form. When completing the form make sure to:
Name your primary beneficiary in section 2
Complete section 3 for spousal consent if you are designating someone other than your spouse as 100% primary beneficiary
Name your contingent beneficiaries and their share in whole numbers totaling 100%
Sign and date it
We also recommend reviewing your beneficiary information after a major life event, such as marriage, divorce, birth or adoption of a child, or death. If a beneficiary is not designated, beneficiary payment will generally go to the IRA plan holder's estate, which is subject to any applicable community property state law requirements.
Please note: Beneficiaries are designated at the plan level. You may maintain different beneficiaries if you have Traditional IRA and Roth IRA plans.