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There are no negative consequences. You can change
beneficiaries as often as you want. The benefit is that
that you can elect to average life expectancies, to
prolong the period of mandatory withdrawls by a beneficiary. If the IRA is large you might want to
split the IRA into individual accounts for each child.
If you are with a broker that does not charge annual
fees for IRA accounts eg.TDWaterhouse, this will benefit younger children as the joint life expectancy
calculation will extend their withdrawl period.
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