IRA Beneficiary
21. Trust Requirements
To work this way, the trust must meet certain requirements.
First, it must be valid under state law.
Second, it must be irrevocable or become irrevocable at your death. A revocable living trust can be the beneficiary because it becomes irrevocable when you die.
Third, all beneficiaries of the trust must be individuals and they must be identifiable from the trust document.
And fourth, a copy of the trust, and any subsequent revisions, must be given to the IRA trustee, custodian or issuer.*
*NOTE: Alternatively, an affidavit prepared by an attorney that lists all the trust beneficiaries (including contingent and remainder beneficiaries) and their shares in the tax-deferred account can be given to the plan administrator. (Revisions to this list must also be provided.) Some attorneys may be reluctant to provide this certification because they could be held liable if they omit any heirs (not just the beneficiaries in the trust). However, even if a copy of the trust must be provided, it probably will not result in a loss of much privacy because few plan administrators actually read the entire document.