The father dies. He had a beneficiaryIRA in a local bank taking RMD annually. He made his four children beneficiaries to share equally. Three children have returned the bank form to transfer the beneficiary IRA to another entity. The bank refuses to transfer the money until all four children submit the form. It's been over four months. Why can't the bank transfer the three requests?
There seems to be two problems in this case. The first is an apparent failure of the bank to adequately explain its unwillingness or inability to transfer three-quarters of the IRA account. The second appears to be family communications problems.
It's likely that IRS regulations require that the IRA be transferred over all at once, and the bank can't act without the fourth beneficiary's paperwork. If that's the case, the bank should explain that fact to the three beneficiaries who have responded. Have they asked the bank if that is the case? As for the second apparent problem, the three responding beneficiaries should try to convince their non-responsive sibling to submit the missing paperwork.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
There seems to be two problems in this case. The first is an apparent failure of the bank to adequately explain its unwillingness or inability to transfer three-quarters of the IRA 