The IRA account of a deceased client is considered part of his remnant estate and it belongs to his heirs from the date of the client’s death. The account is codified as deceased until the account is cancelled, and there will be no cancellation penalties.

To withdraw funds because of death, the required documents are:

  • Death Certificate
  • Declaration on Heirs or Will (certified by the court, after the death occurs, as being the last one granted by the depositor),
  • Letters testamentary certifying the executor’s authority, when applicable, and
  • Copy of the authorization for the withdrawal of funds, certified by the Department of the Treasury, that includes the following:
    • Tax payment receipt over the estate of the deceased, or
    • Certified copy of the release from the payment of taxes.

 

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