Distribution of IRA when Primary Beneficiary and Owner Die

Submitted by Michele Meyers on Tue, 2020-11-17 17:42

Can you tell me what happens in the following situations:
1) IRA owner and spouse (primary beneficiary) die in close proximity to each other (live in Georgia). Does the IRA pass to the contingent beneficiaries as though the spouse pre-deceased the IRA owner?
2) In the same scenario, what if the spouse survives to a point where the death is not considered simultaneous, but she does not have the opportunity to claim the IRA and assign beneficiaries before she passes. Does the IRA go to her estate?
Thank you!



Submitted by Alan - IRA critic on Tue, 2020-11-17 19:40

  1. The IRA passes according to the beneficiary terms in the IRA contract and/or the state laws with respect to the Uniform Simultaneous Death Act if the deaths were within 120 hours of each other. If the IRA contract conflicts with the USDA, the IRA contract provision would take priority.
  2. Again, the IRA contract needs to be checked for specific provisions. Typically, the IRA would pass to the estate of the surviving spouse, but a disclaimer by the executor can result in the IRA passing to a contingent beneficiary.

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