- April 30, 2024
- Posted by: legaleseblogger
- Category: Related News
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# The Situation: Deceased Parent with No Will and No Beneficiaries
Parent is deceased with no will and no beneficiaries on any account. There is 1 trusted Personal Representative (Executor) that is court approved. Estate is in probate with 2 rightful heirs (50/50). There is a Traditional IRA account held with Amundi US.
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# The Plan for the Personal Representative
Here is the plan for the Personal Representative:
– Open an “estate account” with Schwab/Fidelity (preferred brokerage).
– Transfer IRA from Amundi to Schwab estate account as an Inherited IRA.
– After probate has cleared, distribute (transfer) 50/50 shares of the inherited IRA to each heirs’ individual inherited IRA account.
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The AI Legalese Decoder can help in understanding the legal requirements for opening an estate account, transferring assets, and distributing inherited IRAs. It can offer insights into potential pitfalls or overlooked details to ensure a smooth and legally-compliant process. By utilizing this tool, the Personal Representative can navigate the complexities of probate with confidence and accuracy.
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Typically the estate won’t hold the IRA. The IRA would stay in the decedents name until the necessary paperwork was presented to Amundi. At that time the IrA would be split in two inherited IrAs, half for each beneficiary at Amundi. Then they can go ahead and transfer/rollover as they please.
What you laid out sounds pretty smart.
Goes without saying, but the executor should have a talk with Schwab/Fidelity before transferring funds to make sure they’ll be able to split the estate as outlined. Custodians get weird about “looking through” entities like what you’re describing, but it is absolutely doable. Be sure to talk to someone who specializes in this stuff. You’ll go over the heads of 99% of Schwab/Fidelity employees the moment the word “estate” leaves your lips. Either company will still be miles better than trying to handle the split at Amundi.
I find it helpful to have some private letter rulings handy if the custodian balks. PLRs are typically not considered precedent, but they help custodians with their CYA documentation. Something like IRS PLR 200343030 may be relevant, for example.