The death of a loved one is always a difficult time. A frustrating part can be dealing with their final expenses and closing out their various financial accounts. Knowing what you need to do in advance can save you from a lot of complications. This is especially true when inheriting an Individual Retirement Account (IRA).
1. CONTACT THE FINANCIAL INSTITUTION
The first step you want to take is to contact the financial company where the IRA is being held. Their representatives are licensed and trained to walk you through the entire process. They can tell you a number of things:
– If you are a named beneficiary
– Identify the options available to you
– What paperwork you will need and where to get them
– Walk you through their forms
– The transfer procedure of the assets
2. HAVE YOUR PAPERWORK IN ORDER
The first document you will need is the official death certificate. This must be an original copy from the county in which the person passed away. If their residence was in “County A”, but they died in “County B,” you must obtain that Continue Reading
