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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.
Planning for distribution of your assets after your death can be a complex and confusing process. Naming beneficiaries for each of your bank accounts is perhaps the simplest, and most important, step you can take to protect your assets and ensure they are passed properly to the intended recipients following your death.