What is the law governing IRA disbursement to a trust account?

UPDATED: Mar 30, 2012

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What is the law governing IRA disbursement to a trust account?

I am the successor trustee for my deceased parent’s trust. All their assets were part of the trust except 2 IRA’s with a large national bank. I have provided Surviving Child Certification documents but the IRA dept. seems to have a “veil of secrecy” about the procedure to transfer funds. They will not accept the trust documents, an affidavit of heirship, etc. I have been working with the bank branch manager but he seems to be as frustrated as me. How do I “cut to the chase” and force their hand? This has been going back and forth for four months. I have liquidated all the other assets.

Asked on March 30, 2012 under Estate Planning, Texas


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am sorry for your loss and for the issues that have thwarted your efforts here.  I know that you are probably looking for "how to" guidance but it seems that you have done everything you can already. Except that it is not clear if you were appointed as the fiduciary of the estate of your parents to act.  If you were not maybe that is the problem?  I understand that you are the fiduciary of the trust and that you have probably provided all you need under the estate laws but sometimes people do not understand. And we know that a trust can be the beneficiary of an IRA.  So it may be time to hire an attorney to at least write a very strong letter to the bank on your behalf and to contact the state banking commission.  A good complaint can go a long way.  Good luck.

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