Order of death in an accident?
What would happen if an account holder of an IRA and a beneficiary died together. There are two remaining beneficiaries, but because the two people killed were not discovered until several days after death the coroner put the same date and same time in the death certificate. The state is NY. How to pay the account out? Normally you have to have an order of death, what do they do in this case?
The first beneficiary has to survive the account holder for a minimum period of time – usually at least 30 days. If they do, the beneficiary clause contingency is applied. Note, however, that regardless of the conditions of the beneficiaries in every state I know, the spouse is automatically main beneficiary. Thus, if the account holder as a primary child, regardless of child survival, his current spouse will receive the account, even if that are not named as beneficiaries.