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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.
A beneficiary can't access your money until after your death. During Your Lifetime. Your beneficiary has no ownership interest or rights to the money in your bank account while you're alive. She can't withdraw the money, and you can change your mind and take her off the account if you want to.