Inherited IRA
When an IRA holder dies with their estate as the beneficiary and they have IRAs at several institutions can one Inherited IRA be opened and the other banks transfer to the one bank? Does each bank need an inherited IRA and then the transfer made?
Permalink Submitted by Alan - IRA critic on Fri, 2022-03-18 19:34
You would have to ask the banks. Given many banks inclination to not cooperate with assignments to estate beneficiaries, the executor would have to determine how many banks and how many estate beneficiaries as well as which smaller balances might simply be distributed to the estate for payment of estate expenses. Those to be distributed instead of assigned to beneficiaries would likely be best matched up with their own inherited IRA opened at each bank.