“So, who do I want to get my IRA? My spouse? My kids? But I don’t want to leave out the grandkids. Oh, I’ll just fill it in later.”
You’d be surprised how often that mental conversation goes on when someone is looking at the beneficiary section of their IRA application. And for most, they never get around to filling in the blanks and actually naming primary and contingent beneficiaries. And that can be a deadly mistake for the people you want to benefit from your IRA funds.