Death of a contingent beneficiary | Ed Slott and Company, LLC

Death of a contingent beneficiary

How do assets pass if one of two or more contingents dies on an IRA where both the owner and primary die at the same time? Do the assets revert back to the owner and his or her estate or to the primaries estate? Do they go to the contingents estate? Thanks

While this issue could be addressed in the IRA agreement, I doubt if you will find one that does. In that case, the state statutes of the owner's residence with respect to the Uniform Simultaneous Death Act would likely come into play and it would probably take awhile for the custodian to consult their legal counsel on the subject as well.

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