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Idk1234

Ira beneficiary

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There are two primary non-spousal beneficiaries to an inherited ira and only one beneficiary has come forth and claimed their portion. It has been ~two years since the account holder has passed. How long does the other beneficiary have to claim their portion? If they don’t claim their portion, what happens to the money? Does it go to the other primary beneficiary, or is it just lost?

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Have efforts been made to find and notify the non-claiming beneficiary?If the beneficiary is deceased, the IRA would go to their estate.  If they are not found, it would be held by a receiver until it is claimed.  No, the second beneficiary does not get the money.  Who is managing the funds?

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4 hours ago, RetiredinVA said:

Have efforts been made to find and notify the non-claiming beneficiary?If the beneficiary is deceased, the IRA would go to their estate.  If they are not found, it would be held by a receiver until it is claimed.  No, the second beneficiary does not get the money.  Who is managing the funds?

Yes efforts have been made, but nobody can find them. Those funds are still in the original account holders name, and the person responsible for the estate (not either of the primaries) has been receiving the information regarding the funds. 

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What efforts have been made to find the person?  Most efforts consist of hiring a private investigator to run a search through databases, and then if they can't find the person, the search usually ends there.  If a private investigator was used, then ask the private investigator to contact relatives/family of the person being sought to see if the family knows anything.

 

In rare instances, sometimes people do become lost or untraceable, but most times a person can be located.  You should suggest that a "whereabouts unknown" ad be placed in a local newspaper of the city where the person was last known to have lived.  

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