Tags
5-Year Rule, Beneficiaries, Beneficiary, Custodian, Executor, Inherited IRA, Inherited Traditional IRA, IRA, Lump-Sum Distribution, Stretch Rule, Traditional IRA
After closing the safe deposit box, closing the traditional IRA was the next task in the administrative plan. Earlier in the administration, while in the interim, I called the custodian of the traditional IRA to inform them of my Uncle’s death. The representative I talked to realized that accomplishing anything at this time wasn’t possible because I haven’t received approval to act as executor. So, at the end of the call, the representative said, “When you receive your approval letter call back and we’ll discuss the IRA.” After the call, I put aside the matter of closing the traditional IRA.
Setting the Meeting
After a few weeks passed and since been approved as executor, the bank sent me a letter in early December, 2012. In short, the letter served as a reminder that a meeting was necessary to discuss options regarding the IRA and to set a meeting as soon as possible. After I read the letter I asked myself, “What options? Are all the options to close a decedent’s IRA available even with no beneficiaries?” The only option I thought available at the time was to take a lump-sum distribution for an IRA with no beneficiaries. So, soon after I closed the safe deposit box, I called the representative to set the meeting.