11 Mistakes to Avoid with Your Roth IRA

3. Failing to Name Beneficiaries

A Roth IRA can easily be inherited by a beneficiary if they were already designated. However, one big mistakes Roth IRA owners usually make is failing to name their beneficiaries. In such a case, heirs may be subject to greater delays, complications, and higher attorney fees in order to inherit the Roth IRA. This is why naming beneficiaries is very important in a Roth IRA. Once the beneficiaries have been named, one must also make sure to periodically review, and make changes, if any. This can be important in case an individual parts ways with their spouse. In case of a divorce, a former spouse who is listed as a beneficiary will end up inheriting the Roth IRA.