Reply to Beneficiary for SEP/IRA

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[quote=Anonymous][quote=Anonymous]Filling out paperwork for SEP/IRA from employer and I am trying to figure out the best way to designate a beneficiary. I am thinking of having my son as primary (less than one year old) and my mother as contingent. Partner and I are not married so I am unsure whether I want to designate him as primary/contingent. If a beneficiary is not listed, then it goes to my estate(?)

My life insurance policies (completed pre-child) are something like 50% to parent 50% to partner since in the event of my and/or my partner's passing, my mom would save the money (I trust her) and my partner would use it for raising our kid.

Are there any LT financial consideration to take into account when determining whether to list a beneficiary or not? For example- if we get married, does my partner automatically have access to the IRA account in the event of a divorce or my passing? Concerns with designating a beneficiary under the age of 18?

Trying to be smart about this since we are not married and we have a child.

Thanks![/quote]

See a lawyer and write a living trust and will.

The primary beneficiary should be an adult on behalf of your child (forgot the term for it)
Make sure your child gets a portion of the money each year over time so there are less opportunities for someone to trick your child out of the money
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