SOUTHERN FEDERAL CREDIT UNION

Office: 713-232-7774     Fax: 713-232-7122

         
   
 
By clicking any third-party link, you will leave this website and be redirected to a third party site. The mere fact that there is a link between this web site and another does not constitute a product or program endorsement by Southern Federal Credit Union or any of its employees. Southern Federal Credit Union has no responsibility for content of the web sites found at these links, or beyond, and does not attest to the accuracy or propriety of any information located there. Privacy and security policies on the third party website may differ from those practiced by Southern Federal Credit Union. The credit union does not represent either the third party or the member if the two enter into a transaction.
 
 
 

Updating IRA Beneficiaries

Updating your regular membership account card does not cover your IRA account, so it is important that you review your beneficiaries annually to be sure your wishes will be fulfilled.

Most members are not aware of the following issues regarding beneficiary designations:

  • IRAs are not governed by a member’s will.
    An IRA is a non-probatable asset; therefore it is not automatically covered in the owner’s will. Owners who would like the will to govern their IRA funds can accomplish this by naming their estate as the IRA beneficiary by writing “per my will” in the beneficiary designation.
  • There are default provisions in the IRA Agreement. If no beneficiaries are listed, or none of the listed beneficiaries qualify, then the IRA funds will be paid to the surviving spouse. If there is no surviving spouse, then the funds will be equally divided among the legitimate natural and legally adopted children. If there is no spouse and no children, then the funds will be paid to the owner’s estate.

Some common reasons for beneficiary changes are:

  • Marital Status
  • Birth or Death in the family

Beneficiary designations may be as follows:

  • Family/Friends
  • An Organization or Charity
  • A Trust or Estate

Regardless of the reason for updating beneficiaries, the process is as simple as completing the appropriate form. Please call us at 713-232-7774 to receive your form and for any assistance you might need.