How to Leave a Roth IRA for a Grandson's Education
- 1). Call your IRA custodian to check on the beneficiary designations you have on your existing IRA. Find out if your state requires spousal beneficiaries.
- 2). Request the appropriate paperwork to change your beneficiary and get a spousal waiver if you need one.
- 3). Get your grandson's information, including his legal name, Social Security number and date of birth.
- 4). Get the spousal waiver signed in front of a signature guarantee representative at the bank. The signature guarantee demonstrates that the form was signed by the proper person before being sent.
- 5). Complete the beneficiary designation form with your grandson's information. Sign and submit the form with the signature guaranteed spousal waiver to the IRA custodian.
- 6). Notify your grandson's parents about the Roth IRA and its intended use.
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