How to Get My Inherited Retirement
A retirement account allows for the tax-free accumulation of savings inside of an investment account. Inheriting retirement accounts from a loved one allows you to carry on your relative’s legacy. You may also use this money for any purpose, including funding your own retirement plan. Certain retirement plans allow you to retitle the investment account if you’re the spouse of the deceased. Regardless, you need to know how to get your retirement benefits once your loved one dies.
Things You’ll Need
- Distribution form
- IRA transfer form
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Get an IRA distribution form or transfer form from your financial institution.
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Retitle the IRA if you don’t plan to transfer the assets into your own IRA. Generally, you must retitle the IRA if you’re not the account owner’s spouse. There’s no set form for this; instead, let the financial institution know that you’re retitling the IRA and that your name must be added to the IRA’s title along with the original account owner’s.
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Transfer funds out of the IRA to another IRA or take withdrawals using the transfer form or distribution form, respectively. Transferring funds to a new IRA is only allowed if you’re the spouse of the original owner. Otherwise, withdrawals must commence immediately after the death of the deceased, but they may be stretched out over your entire life.
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