[WSBAPT] Minors as Beneficiaries of an IRA

Tue Sep 4 16:07:09 PDT 2018

Dear Listmates,

An IRA owner (grandfather) died, listing two minors (grandchildren) as beneficiaries.  Accordingly, the parents of the minors have reached out to Wells Fargo, the IRA custodian, to establish inherited IRAs for the minors.  Unfortunately, grandfather did not specify a custodian in his beneficiary designations.  Wells Fargo is taking the position that the parents need a Letter of Guardianship specifying that they are the responsible parties for handling the minors' estates.

Has anyone run into this before?

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