Left IRA with assigned POD, what to do now?

[hbrady99]

From NJ:

My grams recently passed away. She left myself, my sister, my mom and my uncle each an IRA. The IRAs were all Payable on Death to one of us. We have found no will to date. My mother contacted an accountant for advice and was told that there were a lot of legal hoops to jump through before any of us can access this money- some of those being posting a bond; proving all taxes have been paid; proving all outstanding bills have been paid; etc.. What do we have to do? We thought we'd just bring a death certificate to the bank and go from there. In my case, I don't want to withdraw any money- but I'd imagine that some sort of ownership change is required. Please help- we're upset enough about the loss. We don't know what to do now and know my grams would have done everything necessary to make this pain-free.

Thanks!
-hbrady99

[seniorjudge]

From NJ:

My grams recently passed away. She left myself, my sister, my mom and my uncle each an IRA. The IRAs were all Payable on Death to one of us. We have found no will to date. My mother contacted an accountant for advice and was told that there were a lot of legal hoops to jump through before any of us can access this money- some of those being posting a bond; proving all taxes have been paid; proving all outstanding bills have been paid; etc.. What do we have to do? We thought we'd just bring a death certificate to the bank and go from there. In my case, I don't want to withdraw any money- but I'd imagine that some sort of ownership change is required. Please help- we're upset enough about the loss. We don't know what to do now and know my grams would have done everything necessary to make this pain-free.

Thanks!
-hbrady99

Why do you not want to accept the advice of the accountant?

[Dandy Don]

Does grandma have any outstanding debts? Does she have other assets besides the IRA which would mean that probate needs to be opened up?

Someone (you or your attorney) will probably need to open up probate on this so ask your accountant if it looks like probate will be needed or not. IRA's have lots of legal restrictions so it's not as simple as just claiming the money but if you are patient you will eventually get your money. Ask your accountant if the IRA money passes outside of probate since it has designated beneficiaries.

DANDY DON IN OKLAHOMA (tiekh@yahoo.com)

[hbrady99]

State: NJ

My grandmother lived in an apartment- her only belongings were household things (furniture, etc), clothes, and a paid-off car. She had no outstanding debts- she paid all of her bills in full every month. She lived on social security and withdrawals from the IRAs that she made at the beginning of the year and diligently paid her taxes. Besides the household stuff, all she has was these IRAs. We've paid her bills from last month and will pay any carryover into this month as far as utilities go. Do we still need to go to the courts?

Thanks a bunch!

[seniorjudge]

Q: Do we still need to go to the courts?

A: It doesn't sound to me like there is anything to probate.