Trust is beneficiary??????

[Guest AFRICA6796]

IRA participant designated as his beneficiary “trust”

He is now deceased. As a custodian, how should we proceed since the ‘trust’ was not identified?

It could be any trust

[John G]

My uncle in Oregon legally changed his name to "Trust" to help you solve your problems.

[just a final 2001 light hearted post]

[Appleby]

Funny John,

Made me smile.

The possibility that the deceased had more than one trust must be considered-further; he could have meant a trust that is not his. Designating ‘trust’ as the beneficiary is tantamount to saying ‘child’.

If he has attached a trust document to the designation form, then you can safely assume he meant the attached trust document. Alternatively, review any trust document provided by trustee/s to determine if it refers the IRA.

Finally, have the trustee/s of the trust who submit a claim to the assets provide you with a written confirmation that the trust they represent is the one and only trust established by the beneficiary, that the designation will not be challenged, and have them indemnify you.