An IRA owner is not required to name a beneficiary. We should encourage an IRA owner to name a beneficiary to guarantee that the IRA assets will pass to the individual or entity that the IRA owner prefers. We should obtain as much information as possible. Name, address, social security number, date of birth and phone number. 

If an IRA owner does not name a beneficiary, the financial organization should check the terms of the IRA plan agreement and possible state law to determine who or what entity will receive the IRA assets. IRA assets typically will pass to the deceased IRA owner's estate if a beneficiary is not named. 

Beneficiaries can either be a person or an entity. Example- John Smith or Oregon Humane Society