Inheritance Question

[basplaer]

What is the name of your state? Nevada

Long story short: Both of my parents have passed away, my mother in 1999, and my father in 2002. They each had several investments in mutual funds, IRAs, etc. Both of their wills listed the other or myself as beneficiaries of any assets. What are the steps necessary for me to close these accounts and/or transfer the funds to my accounts? I have copies of their wills and death certificates.

 

[anteater]

Were any of these jointly owned accounts?

Did the accounts have beneficiary designations?

Were the wills presented to the probate court and the estates administered?

And, if nothing has been done with the IRA's since 1999 and 2002, respectively, obtain the services of a good tax professional.

 

[Dandy Don]

Get the will probated, either by doing it yourself or hiring a probate attorney to do so.

The institutions holding the funds will request a certified copy of a document called "letters testamentary" from the executor before the funds will be released. That document is given to the executor soon after filing for probate.

DANDY DON IN OKLAHOMA ([email protected])

 

[abmyers]

If you are named as a beneficiary on the accounts at the bank/broker, take a certified copy of the death certificate, along with your identification (multiple forms) to the broker/bank. They will release the funds to you. It is somewhat likely, as most broker-dealers request a beneficiary to be named when you open a brokerage account.

If you are only named on a will, you will have to wait out probate.