Â©Copyright 2004 - 2015 Meaning-of-Names.com-Powered by Swigity, LLC Meaning of Keister Last Name-Surname-Family Name Keister.
Annual Distributions. Alternatively, IRA beneficiaries are allowed to take annual distributions based on the IRS life expectancy table, instead of withdrawing the entire account within five years. Annual distributions to IRA beneficiaries must begin in the year after the account ownerâs death. If annual distributions donât start on time, however, the beneficiary must liquidate the entire IRA within five years.
As with any kind of asset owned by the deceased person, how you deal with bank accounts depends on how the person owned them. If the deceased person owned the account in his or her own name, and did not designate a payable-on-death beneficiary, then the account will probably have to go through probate.