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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.
Step 2. Contact the deceased's bank to report the death. Banks require proof of death, such as a certified death certificate copy from the local vital statistics bureau. Ask the bank to return any money deposited in the account from Social Security from the month after the beneficiary's death forward. Social Security is one month behind, so if the person died in March, the benefit from March would be paid in April. Since the person died in March, you must return the money received in April for March.