Contact Folio by phone or email as soon as you become aware of the death of an account holder.
To initiate a death claim, you must first:
Once we receive notice of the death of an account holder, the following actions will occur:
To distribute account assets, we require the following:
After inherited IRA assets are moved to a beneficiary IRA, the beneficiary may only move funds by means of transfer (please contact the receiving firm to initiate this process).
IRA — Spousal Beneficiary
As a spousal beneficiary, you may transfer the assets into a beneficiary IRA at Folio or into an IRA of your own.
For a beneficiary IRA, we require you to:
For your own IRA, we require you to:
* If the account holder has reached the age of 70½ by the year of death, their current year RMD must be taken prior to transferring to an IRA of your own. In addition to the items above, an IRA Distribution Form will need to be submitted for the RMD amount.
IRA — Non-spousal Beneficiary
As a non-spousal beneficiary of an IRA, we require the following:
* Current year RMDs, if not previously satisfied by the deceased account holder, must be taken by the beneficiary IRAs after the transfer of funds has taken place.
IRA — Trust Beneficiary
In order to process the transfer of funds to the trust beneficiary IRA, we require the following:
We will also need the following information (via email or fax):
IRA — No Beneficiary or Estate Beneficiary
If there were no named beneficiaries designated on the IRA, or the estate was named the beneficiary, then the funds must be made payable to the estate. We do not manage estate beneficiary IRAs. Funds must be paid out via check.
If an estate has been formed:
If no estate has been formed:
IRA — Charitable or Business Beneficiary
We do not manage Beneficiary IRAs for charities or business entities. Funds are paid out via check. A Form 1099-R for the distribution will be mailed to the address provided in the LOI.
Individual Account with Designated TOD (Transfer on Death) Beneficiary
Named beneficiaries on the account must submit the following to process the claim:
OR
Individual Account with No Designated TOD (Transfer on Death) Beneficiaries —OR— Estate Beneficiary
If there are no TOD beneficiaries on this account, or the deceased?s estate was the named beneficiary; the funds will be paid to the estate, if one has been formed.
If an estate has been formed:
If no estate has been formed:
Joint Account with Rights of Survivorship
As joint owner of this account type, there are two options:
OR
Joint Account Tenants by Entirety
As a spousal joint owner of this account type, you have two options:
OR
Joint Account Tenants in Common
The decedent’s share of this account will be the property of their estate.
If an estate has been formed:
If no estate has been formed:
Joint Account Community Property
The deceased’s share of this account will be the property of their estate.
If an estate has been formed:
If no estate has been formed:
Custodian of UTMA Account Deceased
If the custodian of an UTMA account is deceased, we require the following:
Select one of the following two options:
OR
Minor Named on UTMA Account Deceased
Funds for this type of account will belong to the estate of the deceased minor. We will need:
If an estate has been formed:
If no estate has been formed:
Becomes irrevocable upon death of account owner
Note: If the trust account will remain at Folio, it cannot exist under the same account number.
If the trust was reported under the deceased’s SSN, the deceased is the only Trustee.
We will need:
Select one of the following two options:
OR
If the trust was reported under the deceased?s SSN, and there are multiple trustees, we will need:
Select one of the following two options:
OR
We will need:
Select one of the following two options:
OR