Verify ownership before moving assets

For every asset record the legal owner, account type, beneficiary or survivorship designation, location, and institution. Confirm directly with the institution using a trusted number. Do not send passwords or account numbers in an unsolicited reply.

A will does not necessarily control an account with a valid beneficiary designation. A trust's name on a document does not establish that every asset was actually transferred into it. An attorney can evaluate conflicts and governing law.

Ask the custodian how an inherited retirement account must be titled and which transfer methods preserve its treatment. A nonspouse beneficiary generally cannot treat an inherited IRA as their own. A check paid to the wrong person or a mistaken rollover can have consequences.

After ownership is settled, review primary and contingent beneficiary records, marital status changes, and consistency with your estate plan. Coordinate legal documents with your attorney and account records with the institution.