I want to designate my son and daughter as "50/50" beneficiaries of my IRA. I also want to ensure that if anything happens to either of them, their share will get split evenly among their children. What do I need to do to make sure this happens?
The first part is easy. When you work with your financial institution to set up your IRA account, they will provide forms for designating your beneficiaries, and the portion each is to receive. You will also be able to designate contingent beneficiaries to receive funds if either of your primary beneficiaries predeceases you.
However, it will normally be your responsibility to keep the beneficiary designations current. For example, if your son or daughter has another child, it will be up to you to update your list of contingent beneficiaries. The same would be the case if you had a change of heart and wanted to change the allocation of your beneficiaries' shares.
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The first part is easy. When you work with your financial institution to set up your IRA account, they will provide forms for designating your beneficiaries, and the portion each is to receive. You will also be able to designate 