No beneficiary on traditional IRA. Now what?
July 31, 2014 10:40 AM Subscribe
My mom's IRAs went to my dad. My dad put me down as beneficiary on all accounts yet bank is saying that there are no beneficiaries listed. I was there when all paperwork was signed.
posted by stormpooper to Work & Money (10 answers total) 1 user marked this as a favorite
My mom passed away in 2012 and any IRAs that were hers or had her name on as beneficiary went to my dad. My dad and I went to the bank to change all of this over and I know there was no way that zero beneficiary was given. I am an only child and any paperwork that had to take my mom's name off was changed to my dad and then myself as beneficiary (then my 5 year old son as last resort beneficiary).
My dad passed away Oct 2013. He had a will and a trust leaving me everything. I just got around to taking care of the IRAs he had and BOA just told me that no beneficiary was listed. I'm having a hard time believing that since I was there and I know my dad had all beneficiaries as me.
I'm at a loss on what to do. BOA just sent over the will and paperwork stating to stop all distributions since my dad has passed away but are insisting that there was no beneficiary listed. I wanted to roll this over into an inherited IRA and avoid the tax hit but the BOA rep said that I won't be allowed to change anything since there was no beneficiary.
I'm pissed that this happened because I know all bank paperwork was set up as my dad as primary and me as beneficiary. I was with him when this paperwork was filled out.
BOA said the case will close Oct 7 (close to the allotted year after death stretch). From my last paperwork of the IRA it said it could take 45 days to get the process rolling. Any ideas on how to handle this one?