medium · Certified Financial Planner Estate Planning
The Yamamoto household recently updated their wills to leave all assets to their current children. However, a review of Mr. Yamamoto's traditional IRA reveals his ex-spouse is still listed as the primary beneficiary.
Based on the CFP Board Practice Standards, which of the following is the most appropriate next step for the planner?
- Advise the Yamamotos that the new will's language automatically supersedes the old IRA designation.
- Immediately instruct Mr. Yamamoto to execute a new beneficiary designation form for the IRA.
- Gather and verify all current beneficiary designations and titling for the Yamamoto assets.
- Draft a codicil to the will that specifically references the IRA to ensure the will's intent prevails.
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