Information for IRA Beneficiaries

If you are or, believe to be, the beneficiary of an AutoRollovers IRA Account, your first step in claiming your benefit is to contact AutoRollovers and arrange to supply us with a copy of the Death Certificate. At that point, we will be able to begin the process of notifying the appropriate beneficiary(ies).

Spousal Beneficiaries

Spousal Beneficiaries have the most options with regards to their Inherited IRA benefits. One option available is to remain as the beneficiary on the account and either begin taking minimum required distributions annually or, withdraw the entire balance by the end of the 5th year following the year of death. Another option is to treat the IRA as your own, and delay any minimum required distributions until you attain age 70½.

Non-spouse Beneficiaries

Non-spouse Beneficiaries may not treat the IRA as their own.

No Designated Beneficiary

If it is determined that the accountholder had made no beneficiary designation, the terms of the IRA Custodial Agreement provide that in cases where no beneficiary has been designated (usually the case with AutoRollovers IRAs), the default beneficiary shall be the surviving spouse. If the accountholder was not married at the time of death, the default beneficiary shall be decedent’s estate.

If, in fact, there is no Designated Beneficiary and you are assuming the responsibility of settling the affairs for the deceased accountholder, click the following link for information on IRA Accounts with no Designated Beneficiary.