DEFINITION of 'IRA Asset Will'
A document that specifies how the assets in an individual retirement account (IRA) should be distributed upon the account owner's death. An IRA asset will is used instead of a financial institution's boilerplate beneficiary designation forms to provide a greater level of detail about how retirement account assets should be distributed.
BREAKING DOWN 'IRA Asset Will'
IRAs have unique features, restrictions and tax implications that require them to be handled differently from other assets in an individual's estate. The IRA asset will addresses these features to ensure that an individual's wishes will be carried out after his or her death, and that the maximum value of the IRA's assets will be preserved.