IRA Information Where No Beneficiary Designation Has Been Made

If an estate has been established, the executor/executrix should contact AutoRollovers to arrange for liquidation of the account.

Most states have provisions that provide a process for settling the affairs of an individual who had few assets, liens and encumbrances.

If the size of the estate would prove to be less than an amount set by state law, the estate may be eligible to use simplified proceedings specifically for small estates. Generally, these proceedings are less costly, require less paperwork and take far less time.

The simplified proceeding usually involve the use of a small-estate affidavit for estates ranging from $1,000 to $100,000 or higher, depending on state law. The process usually begins with contacting the Probate Court in the county in which the deceased resided at the time of their death.

The court will provide the appropriate paperwork to have a personal representative appointed. An inventory and appraisal will likely need to be filed with the Court. The personal representative, after giving any required notice to creditors, may immediately disburse and distribute the estate to the entitled persons.

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