Yes! You can use AI to fill out Frequently Asked Questions: Transferring to an Empower Premier IRA

The FAQ notes that if no beneficiary is on file, the account defaults to the owner's estate, which can trigger a lengthy and costly probate process. People often forget to complete a new beneficiary form, assuming the old information transfers automatically. To avoid this, immediately complete the new beneficiary designation form, ensuring all names, SSNs, and allocation percentages are correct and total 100%.

The document states users must refile bank information for automatic withdrawals. A common error is transposing digits in the routing or account number. This results in failed electronic transfers, causing required distributions to be sent as a physical check, which delays access to funds. Always double-check these numbers against a check or bank statement before submitting.

When initiating a transfer, the account number from the previous institution (IRA Smart at Millennium Trust) must be provided. People sometimes guess, use a number from a different account, or make a simple typo. An incorrect account number will cause the transfer request to be rejected by the delivering firm, halting the entire process until the form is corrected and resubmitted.

The name and registration on the new Empower account must exactly match the old Millennium Trust account, including middle initials or suffixes (e.g., Jr./Sr.). Discrepancies are a primary reason for transfer rejections due to strict identity verification rules. To prevent delays, ensure the account holder's name is written identically on all paperwork.

The FAQ clearly states that ongoing contribution orders are cancelled during the transfer. Many individuals mistakenly assume these arrangements carry over automatically. Forgetting to set up new automatic contributions with Empower disrupts savings schedules and can lead to missed investment opportunities. After the transfer, log in to the new portal to establish new recurring contributions.

If new bank information isn't provided promptly, required minimum distributions (RMDs) are sent via check to the address of record. An old address means critical checks and tax documents will be lost or significantly delayed. This can lead to missed RMD deadlines and potential tax penalties. Always verify and update your mailing address as a first step.

Even when a beneficiary is named, people often omit crucial details like their Social Security Number (SSN), relationship, or date of birth. Financial institutions require this information for identity verification to prevent fraud and ensure a smooth asset transfer upon the account holder's death. Leaving these fields blank will result in an incomplete designation, creating future administrative hurdles for your heirs.

The document explains that assets are moved into 'similar investments' chosen by a consultant. Many investors fail to review these new default funds after the transfer is complete. These funds may not align with their personal risk tolerance or financial goals, potentially leading to suboptimal returns. It is crucial to log in after the transfer, review the new portfolio, and reallocate investments as needed.

Transfer forms require specifying whether you are moving all assets (a full transfer) or only some (a partial transfer). A user intending a partial transfer might accidentally select a full transfer, leading to the unintended liquidation and closure of their old account. Carefully read and select the correct option to ensure only the intended assets are moved. AI-powered tools like Instafill.ai can help highlight these critical choices to prevent errors.

When setting up distributions like RMDs, a form is required to specify federal and state tax withholding preferences. People often leave this blank or enter incorrect percentages. This can result in either too much tax being withheld, reducing the net payment, or too little being withheld, leading to a surprise tax bill later. If the transfer forms are provided as flat, non-fillable PDFs, a tool like Instafill.ai can convert them into fillable versions and help validate data entry.