What happens to my IRA after I'm gone?

Contributing to an IRA can help you build some of the resources you will need to enjoy a comfortable retirement. But what happens to your IRA if you don’t use it up in your lifetime?

You can still put the IRA’s assets to good use — as long as you’ve made the right moves and communicated your wishes clearly to your family.

When you opened your IRA, you should have named a beneficiary — someone who will receive the IRA assets when you pass away. You could also name a contingent beneficiary if the first beneficiary dies before you. These beneficiary designations are important because...