Inherited Retirement Account Checklist

The Checklist Nobody Gives You When Someone Dies

Financial institutions have bereavement departments, claims forms, and document requirements — but none of them hand you a single, consolidated checklist that covers every step from first notification through final distribution. Each custodian sends its own packet. Each expects you to already know the process.

This checklist covers inherited IRAs, 401(k)s, pensions, and superannuation accounts across the US, UK, Canada, and Australia. Not every item applies to every situation, but working through it sequentially ensures nothing falls through the cracks.

Week 1: Immediate Actions

Gather essential documents. You need these before contacting any financial institution:

• Certified death certificates (order 15-20 copies — each institution keeps its copy)
• The deceased's Social Security number, date of birth, and date of death
• Letters Testamentary or Letters of Administration (from probate court, if applicable)
• Your own government-issued photo ID
• The deceased's most recent account statements (check mail, email, and filing cabinets)

Locate all retirement accounts. Check the deceased's mail, tax returns (Forms 1099-R and 5498 list account activity), employer HR records, and any estate planning documents. Common places accounts hide: former employer 401(k) plans never rolled over, small IRAs at banks or credit unions, and pension schemes from earlier careers.

Notify each custodian. Call the bereavement or deceased account department — not general customer service. Provide the account holder's name, date of birth, SSN/NI number, and date of death. Ask them to:

• Flag the account as deceased
• Freeze online access to prevent unauthorized transactions
• Confirm whether a beneficiary designation is on file
• Send the death claim packet and a date-of-death valuation statement

Do not log into the deceased's online portals using their credentials. The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) provides a process for fiduciary access to digital assets, but it does not automatically authorize use of the deceased's login credentials. Ask each custodian's estate services team how an authorized fiduciary can access records.

Week 2-4: Claims Intake

Complete the claim forms for each custodian. Every institution uses different forms. Common ones include:

• Vanguard 529 College Savings Plan: Form S737 (not for IRA or 401(k) death claims; contact Vanguard for the correct inheritance form)
• Fidelity: Inherited Account Application
• Primerica: Form POL-RPDE (Retirement Plans Death Distribution Form)
• Employer 401(k) plans: the plan-specific death claim form (get from HR)

Submit required documents with each claim. Typical requirements:

• Certified death certificate (original with raised seal)
• Certified Letters Testamentary or Letters of Administration
• Completed claim form
• Beneficiary's government-issued ID
• Estate EIN (if the estate is the beneficiary)

Some custodians have specific requirements. For Primerica life-insurance claims, the company's FAQ says the death certificate must state both the cause and manner of death; ask Primerica Shareholder Services whether the same requirement applies to a retirement-account claim. Some custodians require Letters Testamentary dated within the past 60 days. Ask what's needed before submitting — a rejected claim package can add weeks to the process.

Month 1-3: Distribution Decisions

Determine your beneficiary category. This drives every distribution decision:

• Eligible Designated Beneficiary (surviving spouse, disabled/chronically ill, minor child, near-age individual): life-expectancy stretch available
• Designated Beneficiary (adult children, friends, other named individuals): 10-year depletion rule
• Non-Designated Beneficiary (estate, charity, non-qualifying trust): 5-year rule or deceased's life expectancy

Check the year-of-death RMD. If the deceased had reached their Required Beginning Date (for an IRA, age 73 for people born 1951–1959, age 75 for those born in 1960 or later, and an earlier age for prior cohorts; a 401(k) may allow a non-5%-owner who is still working to delay until retirement) and hadn't completed their full RMD for the year of death, you must take the remaining amount by December 31 of that year. This applies before any rollover or transfer.

Make your distribution election. Options vary by beneficiary type and account type:

• Surviving spouse: rollover to own IRA, keep as inherited IRA, or SECURE 2.0 Section 327 election
• Non-spouse: transfer to inherited IRA (401(k)s) or keep as inherited IRA, within the 10-year window
• All beneficiaries: lump sum is always an option but usually the worst tax outcome

Open the inherited IRA account (if transferring). The receiving custodian titles the account in the deceased's name, for your benefit. This must be a direct trustee-to-trustee transfer — you cannot take a check and redeposit it.

Ongoing: Tax Compliance

Track annual RMDs. If you're subject to annual RMDs (EDBs using the stretch, or designated beneficiaries whose owner died after the RBD), calculate and withdraw the required amount by December 31 each year.

File tax returns. Inherited IRA and 401(k) distributions are reported on your personal tax return as ordinary income (traditional accounts) or tax-free (Roth accounts meeting the 5-year rule). You'll receive Form 1099-R from the custodian.

Monitor the 10-year deadline. If you're subject to the 10-year rule, the account must be completely emptied by December 31 of the year containing the 10th anniversary of the owner's death. Mark this date now.

Consider multi-year tax planning. Spreading distributions evenly across the 10-year window keeps more income in lower brackets. A CPA can model the optimal schedule based on your other income and state tax rates.

Country-Specific Items

UK pensions: Notify the pension scheme within weeks, not months. If the member died before 75, the two-year deadline runs from when the scheme learns of the death (or could reasonably have been expected to know); tax-free lump sums are also subject to the remaining LSDBA.

Canadian RRSPs/RRIFs: The deemed disposition reports the full account value on the deceased's terminal return. If you're the surviving spouse, request the direct rollover to your own RRSP immediately.

Australian superannuation: Check whether a valid Binding Death Benefit Nomination exists. If it's a lapsing BDBN, confirm it hasn't expired (they lapse after three years). If there's no nomination, the trustee makes a discretionary decision — prepare to demonstrate your dependency relationship.

When This Checklist Isn't Enough

Complex situations — trust beneficiaries, cross-border accounts, disputed beneficiary designations, or multiple retirement accounts across different plan types — benefit from professional guidance. The Retirement Account Claims toolkit expands each item on this checklist into full procedures with custodian scripts, tax worksheets, and country-specific claim templates.