How To Designate Your IRA to MALT
Thank you for considering making MALT a beneficiary upon your death of your IRA. We greatly appreciate your thoughfullness and support.
If you wish to designate all or part of what remains in your IRA at death to MALT, you need to change the beneficiary designation on the IRA itself. The IRA is the controlling document in this matter, not your will or living trust. Here are the steps commonly followed:
- Contact whoever manages your IRA account and ask for a beneficiary designation form
- Tell your IRA account manager that you want to designate MALT, a qualified nonprofit organization, as a beneficiary of the account
- Follow your account manager's instructions exactly
- If you want your spouse to receive payments from your IRA after your death, and have a distribution go to MALT after his or her death, make MALT a “contingent” beneficiary of the account. The contingency, of course, is that the IRA value passes to MALT only on the death of the surviving individual beneficiary, namely your surviving spouse.
- Once your MALT designation is complete, notify MALT via the contact information listed below. This allows us to make sure your wishes are carried out and enable us to include you in our Legacy Giving Circle acknowledgement and events.
If you also have individuals named as beneficiaries of your IRA and want to stretch out their payments from your IRA over time with an immediate lump-sum distribution to MALT, please seek qualified legal counsel.
MALT's tax ID#: 94-2689383