News, Man's mistake cost his children $400,000 of an IRA inheritance (funds, accounts)

[JD59]

Before Leonard Smith lost his battle with cancer in 2008, he worked with his financial advisors and attorneys to make sure his children received the balance of his retirement funds when he died.

http://finance.yahoo.com/news/man-s-...152712809.html

[Lowexpectations]

Beneficiary forms for iras/401k/life insurance etc are so often overlooked after divorce these issues come up all the time. Lots of exwives get the money years after divorce

[Gandalara]

I have never heard of using “To be distributed pursuant to my last will and testament” on the beneficiary line.
Sounds ... not very smart to me.
And why didn't the 'financial advisors and attorneys' check these or suggest to him to check them?
So sad.

It's part of a yearly check-up list with the advisor I deal with. She always asks, "Do you want to change any of your accounts beneficiaries at this time?"

[John7777]

If he had attorneys advising him on all this, the kids ought to look into a legal malpractice case.

[Jeo123]

I read the article and commented there. The real mistake was marrying someone two months before dying when that person was willing to steal an inheritance from your children.