Administering Assets Subject to a Death Beneficiary Designation

The death beneficiary should promptly contact the property holder (eg, IRA custodian, life insurance company, plan custodian, etc.) to determine the steps needed to receive the benefit.  Usually, this will entail delivering to the property holder:

  • A certified copy of Descendant’s death certificate.
  • A completed Claim for Payment of Benefit on a form supplied by the property holder.
  • A possible selection of the manner in which the benefit is to be paid, for example:
    • Lump sum, or
    • Periodic payments (eg, term of years or annuity).