IRA Beneficiary wants a Trust

Answered by:

Question:

This pertains to Roth IRAs: assume the owner is deceased and the beneficiaries are child 1 and child 2. They are wanting to close the IRA and would like check made payable to a Trust in the IRA owners name, is this allowable?

Answer:

They need to be talking to their own legal counsel and not a financial institution. The bank has to pay the money to the beneficiaries - what they do with the money is up to them.