- 1). Contact the bank or brokerage firm that is managing the IRA to let them know that the owner has died and you will be inheriting the IRA. Be prepared to present the death certificate and will stating you will inherit the IRA.
- 2). Tell the IRA account manager that you do no want to roll over the account or take a lump sum withdrawal. Let the company know you want to retitle the account as an inherited IRA to delay taxation.
- 3). Title your IRA in a format that clearly states the deceased owner's name with an indication that its now for the benefit of the person who inherited it. There is flexibility in writing this but the two points must be there.
- 4). Ask about the bank's procedure for titling for an inherited IRA. The bank should understand the tax rules and have a standard titling form that is appropriate.
SHARE
