IRA's Beneficiary Deceased & No Contingencies

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Question:

IRA Customer's beneficiary is deceased. No contingencies listed and no Estate. Who gets the funds?

Answer:

Carefully review the language in the agreement the customer signed.

I have seen some that named contingent beneficiaries if there was no effective designation by the IRA participant. Absent that, the only possible option would be to pay the funds to the decedent's estate.

First published on BankersOnline.com 2/11/13