Spousal Beneficiary Rollover

DEFINITION of 'Spousal Beneficiary Rollover'

A transfer of retirement fund assets to the spouse of the deceased. The transfer is generally done in one of two ways. The first way is for the retirement account to remain intact and simply be renamed to reflect the new owner. The second way is to transfer the funds to the spouse's account.

BREAKING DOWN 'Spousal Beneficiary Rollover'

The spouse is not automatically designated as the recipient of unused retirement funds. However, with many retirement plans, the spouse must give their consent for another recipient to be named. In some cases, for example in a qualified plan account, the spouse must be named the beneficiary.

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RELATED FAQS
  1. How do I roll over a spousal IRA?

    To roll over a spousal IRA, the surviving spouse can transfer the remaining funds from the deceased spouse's investing IRA ... Read Answer >>
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    Find out how the spousal benefits offered through Social Security work; learn how to qualify and how your benefit amount ... Read Answer >>
  3. My uncle died recently. He designated my mother and father as his beneficiaries in ...

    It depends. If the retirement plan is a qualified plan, then the plan administrator would refer to the plan document to determine ... Read Answer >>
  4. Can IRAs be held jointly by spouses?

  5. Who can transfer funds to a Locked-in Retirement Account (LIRA)?

    Transferring funds into a LIRA account can be initiated by owners of defined contribution plans or defined pension plans ... Read Answer >>
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