Two of the three beneficiaries live in IL. Only one lives in NV. We were told by the bank that we all need to set up "inherited IRA" accounts. One beneficiary in IL went to the same bank and they told him he needed to get a "Letter of Office".
Aren't TOD accounts separate from the will? What is a Letter of Office? Why would the bank require this just to transfer money from one account to another?
Also, what do I need to do to file the will with the Clark County Recorder's office? I have the original copies. Please advise. Thanks for your help!
I am a California attorney so my answer may not be applicable in your state. If it really is just a POD (or death beneficiary designation of some kind) then you should not need any letter, any Court filing or anything else! I suggest you talk to someone else, in a higher position, at the bank! Good luck to you. -John
IRAs are generally not controlled by a will or probate. The bank wants you to subdivide the IRA between beneficiaries so you can each use your actuarial life expectancy to calculate your annual payouts. This is a routine matter that should be handled without probate involvement. Talk to another person at the bank until you get this matter resolved. Be careful as you do not want them to make a mistake and inadvertently make a fully taxable distribution to any of you.
As to Clark County, you need to retain an experienced estate planning attorney in that area. Once retained he or she can help you with probating the will and resolving the above IRA issues.
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