Would my wife have any claim to my IRA if I established it prior to our marriage?

If you name a beneficiary on almost any financial document and the beneficiary is ?payable upon death?, only the beneficiary you name will inherit the assets. This includes IRAs. Should you die tomorrow, your children who are named on the account can submit a death certificate and receive the money directly. The asset will not be included in your estate and your wife would have no claim to it. If your child is a spendthrift or incapable of managing the money him/herself, too bad it?s his/hers to do with as he/she wishes. Also, if a child is receiving government benefits, the benefits may be reduced or eliminated until all the money is gone. If the child is a minor when he/she inherits, the inheritance might be put into a trust and a trustee named to manage it until the child reaches the age of majority. Sounds like it would be a good time for you and your wife to sit down, review your assets, and decide what should happen if either of you dies. Then make the necessary changes and/or contact an attorney to draft the documents for you.