How Do I Transfer IRA Ownership From a Decedents Estate?
Overview Elaborate laws exist to govern the distribution of a decedent’s assets upon death. One of the advantages of an Individual Retirement Account (IRA) is that an account owner can directly specify who should receive the assets upon death, rather than relying on state or federal distribution laws. Transferring IRA ownership upon death is a straightforward procedure. Step 1 Confirm your authority to act. In order to process a death distribution, you must be appointed either the executor or administrator of the decedent’s estate. You can receive this authority via a will, a trust or a court order. Step 2 Review the account documentation. In order to open an IRA, the decedent had to specify at least one beneficiary on the new account paperwork. This designation is the final word on who should receive the IRA assets upon death, superseding any other instructions from wills or trusts. Step 3 Locate the beneficiary. Usually, the new account paperwork for the IRA will list the name and ad
Related Questions
- I am handling the estate of a deceased relative. How do I transfer ownership of the securities from the name of the deceased to the person inheriting the securities?
- Can anyone advise how my parents can transfer ownership of their home to me, legally?
- How Do You Transfer Ownership With A Quit Claim Deed?
