No IRA beneficiary – spouse’s options
The IRA owner did not list a beneficiary on his IRA. Now that he is deceased is there anyway his spouse, who is the Executrix of the estate, can treat his IRA as her own?
The IRA owner did not list a beneficiary on his IRA. Now that he is deceased is there anyway his spouse, who is the Executrix of the estate, can treat his IRA as her own?
Permalink Submitted by Jose Morales on Fri, 2009-06-05 15:46
I would first take a close look at the IRA Agreement that was signed. It should clearly state who the default beneficiary is in the event no beneficiary is named. It is not uncommon, especially in community property states, for the default beneficiary to first be the spouse and then the estate.
Permalink Submitted by Rina Byrne on Fri, 2009-06-05 15:49
In the case of this company it defaults to the estate of the deceased IRA owner.
Permalink Submitted by Bruce Steiner on Fri, 2009-06-05 17:48
It’s still often possible for the spouse to do a rollover. See my article on this subject in the October 1997 issue of Estate Planning: http://www.kkwc.com/docs/AR20050125164755.pdf