Someone recently passed away. She left IRAs with the beneficiaries clearly identified, but the account is with a “financial advisor” at a national back. The executor sent him death certificates and has requested he establish IRA beneficiary accounts but the FA refuses to act until he receives probate court formal designation of the executor as such. Is this necessary or typical (in Illinois)? For a taxable account, of course, but I assumed that an IRA custodian only needed the death and beneficiary paperwork to process the IRAs.
In advance, I appreciate responses and insights.
In advance, I appreciate responses and insights.