2007-12-22 14:04:50 · 4 answers · asked by bmosdef 1 in Business & Finance ➔ Personal Finance
The first answer is exactly right - if you are the named beneficiary, by presenting a copy of the death certificate to the bank, you will be awarded the funds. The CD is easy - it can be kept as is under your name (if it's a good rate and you don't need the proceeds right away - let it grow), or you can cash some or all of it in.
The IRA can be more difficult - depending on it's contents. There are important tax implications for an IRA. Please before you withdraw the money, find financial and tax advice on a non-spousal rollover, or determining the stepped up cost basis to help lessen the tax liability of any money you receive.
2007-12-22 16:08:17 · answer #1 · answered by jon b 4 · 0⤊ 1⤋
IRAs normally have designated beneficiaries so they do not become part of the estate to be probated. The CD could be another story.
2007-12-23 00:48:40 · answer #2 · answered by npk 7 · 0⤊ 0⤋
If you were listed as beneficiaryof the IRA and CD, you do not need to go thru probate. These items would not be considered as part of his estate.
2007-12-22 14:12:25 · answer #3 · answered by bdancer222 7 · 1⤊ 1⤋
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2007-12-22 14:14:10 · answer #4 · answered by JStrat 6 · 0⤊ 1⤋