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How should we title an IRA account when the owner is deceased and the beneficiary now owns the account? The beneficiary is not a spouse. – IBA Compliance Connection

IBA Compliance Connection

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How should we title an IRA account when the owner is deceased and the beneficiary now owns the account? The beneficiary is not a spouse.

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You should always first review your bank’s policies and procedures to determine how to title an account.  If you do not have a procedure, then you may wish to title a non-spouse beneficiary IRA account as Jane Doe, Beneficiary Joe Smith IRA with Jane Doe’s social security number.