named beneficiary ira when someone dies
When you opened your individual retirement account, you should have designated a beneficiary, or a person to get the assets when you die. You can also name a contingent beneficiary if the first beneficiary dies before you.If you name an individual, or divide the assets among different people, the IRA doesn't go through the probate process.f you didn't list any beneficiaries, the fate of your IRA depends on the financial institution's default policy. Some custodians allow the spouse to claim it, while others consider it part of the estate. Few, if any, allow children to claim an IRA without a named beneficiary, let alone any other relative.