Vanguard is requiring customers to have the same beneficiary noted on all their IRA accounts, and if not changed soon, the mutual fund giant will do it for them, according to Forbes.Vanguard sent out letters to 170,000 customers who had different beneficiaries on their multiple IRA accounts, stating they have to have identical beneficiaries for IRAs holding money rolled over from employer pension plans, traditional IRAs, both pretax and aftertax, and Roth IRAs.

If a customer doesn’t contact Vanguard, then Vanguard will apply the newest beneficiary form to all IRAs. If two forms were submitted at the same time, Vanguard will treat the one it processed later as newer. This is crucial for clients as it’s the form, not a person’s will, that determines who gets the money from an IRA account. 

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