How to Transfer an Inherited IRA
- 1). Call the IRA custodian for your loved one's account. Explain that you are trying to execute part of an estate and that you need to confirm you are the listed beneficiary for the IRA. Request any paperwork needed to claim the benefits as a "beneficiary IRA".
- 2). Decide whether you want to keep the same IRA custodian or move the IRA to a custodian you are already working with or have more convenient access to.
- 3). Open a new "beneficiary IRA" with the custodian you choose. It is essential that the IRA application states the name of the deceased person with the date of death as the first part of the IRA title before your name as "beneficiary." Each custodian has a slightly different method of forming the title, but as long as those components are in the title, you are protected.
- 4). Fill out transfer paperwork for the old IRA to move into the new beneficiary IRA. Send this in with a copy of the death certificate to the existing IRA custodian.
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