Submitted by kap080589 t3_yif6sx in personalfinance
Trying to figure out if there is a benefit as to why someone who is married would have their marital status as unmarried on their IRA?
Comments
micha8st t1_iuicwez wrote
you mean lying?
Married / Single doesn't really matter much to the IRA or the Financial Institution. IRAs are held singly anyway.
All checking "single" affects is what happens if you die. You're supposed to specify a beneficiary for the IRA for when you die. The primary beneficiary should be your spouse. Your financial institution probably just wants to know about your marital status so they can get the primary beneficiary correct. If you are married and don't put your spouse, they might want documentation that your spouse is okay with not being the primary beneficiary.
[deleted] t1_iuik4e1 wrote
[deleted]
WingedBeagle t1_iuiktxa wrote
Depending on the state you live in, no. Spousal approval may apply.
kap080589 OP t1_iuimc75 wrote
Yes, lying! Thank you for your answer!!
kylejack t1_iuinaco wrote
If you're married and live in a community property state, spousal approval is required to change it off of your spouse as the beneficiary, because your property is community. The spouse gets first crack at it, since it also belongs to them.
>Under federal law, spousal consent is not necessary to name an IRA beneficiary. However, spouses have rights under state law. For example, if you live in a community or marital property state, spousal consent is generally required to name someone other than the spouse as the beneficiary of an IRA.
micha8st t1_iuj1oe3 wrote
The way you responded makes me think it's your spouse doing the lying.
If you are the primary beneficiary, it doesn't really matter. Also, did the "liar" actually lie, or fail to update information after marriage? A lie of omission.....
kap080589 OP t1_iukbmh7 wrote
It’s not me, a friend! And we don’t know exactly. His mom handles all that abt it’s just interesting they’ve been married for 7 years and it’s never updated. He’s been up to some shady things so we’re wondering if that meant anything
kylejack t1_iuich0s wrote
It doesn't matter.
The only thing I can think of is that an IRA administrator is required to get spousal consent if someone wants to change their beneficiary to someone other than their spouse in a community property state.