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My husband recently died. He had no will. Most of our

Customer Question
investment accounts are jointly owned...
My husband recently died. He had no will. Most of our investment accounts are jointly owned, but some are not, such as his rollover IRA and individual IRA. We have no children. How do I claim these funds?
JA: What state are you in? It matters because laws vary by location.
Customer: New York City, NY
JA: Has anything been filed or reported?
Customer: How do you mean filed or reported?
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 1 year ago.Category: Tax
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Answered in 1 minute by:
11/8/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,854
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. I'm sorry for your loss. My name's Lane ... I can help here.

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I have a law degree, with electives in Tax Law, Estate law, Corporate law, and business planning … an MBA, with specialization in finance a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Please bear with me for a moment, while I prepare your response.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

For the IRA's, you'll need to contact the administrator/custodian (this number can likely be found on the statement).

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They will each have a death claim form ... You will likley be asked for a death certificate, and proof of your identity (driver's license, etc)

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FOr the joint accounts, f the account is held by a husband and wife as tenancy by the entirety or any teo people as jointly with right of survivorship, the surviving account holder would need only to present a death certificate to have the deceased's name removed from the account.

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(Keep in mind that as a joint owner you can still write checks against the accounts)

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One thing I'd strongly recommend is setting up what's called an "inherited IRA" for the retitrement accounts. This way the funds can be transferred directly into this "inherited IRA" and all tax deferral will be continued, and you will not be taxed until/as you decide to withdraw.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

For other assets, becasue there was no will. the laws of intestacy for NY apply. If there are no children everything goes to te survivng spouse.

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If there is no Will, then there is a rNew York ule for who can file for administration or a small estate. In general, the "closest distributee" can file for administration or small estate. This would be you.

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If an individual dies in New York City (Bronx, Brooklyn, Manhattan, Queens, and Staten Island), you can order a certified copy of the death certificate online or by mail from the Office of Vital Records

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

here the vital records page: http://www1.nyc.gov/site/doh/services/death-certificates.page

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If an individual dies outside the city, but in New York State, you can order a certified copy of the death certificate online or by mail from the New York State Department of Health.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Here's the information about getting a copy of the birth certificate from Dept. of Health, if necessary:

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http://www.health.ny.gov/vital_records/death.htm

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Please let me know if you have ANY questions at ALL, before rating me.

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If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and clicking “submit").

...

Thanks!

Lane

... I have a law degree, with electives in Tax Law, Estate law, Corporate law, and business planning … an MBA, with specialization in finance a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,854
12,854 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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