Who is the beneficiary of an inherited IRA?

The individual inheriting the Individual Retirement Account (IRA) (the beneficiary) may be anyone—a spouse, relative, unrelated party, or entity (e.g., estate or trust). Rules on how to handle an inherited IRA differ for spouses and non-spouses, however. Learn more about how inherited IRAs work.

Who is a beneficiary of a retirement account after death?

Beneficiaries of retirement plan and IRA accounts after the death of the account owner are subject to required minimum distribution (RMD) rules. A beneficiary is generally any person or entity the account owner chooses to receive the benefits of a retirement account or an IRA after they die.

Who is a beneficiary in a retirement plan?

A beneficiary is generally any person or entity the account owner chooses to receive the benefits of a retirement account or an IRA after they die. The owner must designate the beneficiary under procedures established by the plan. Some retirement plans require specific beneficiaries under the terms of the plan (such as a spouse or child).