We have an IRA whose owner has passed. The sole beneficiary is a minor (10 yrs old, if you're curious). The mother is the executor of the estate (I know, this is separate from the IRA bene designation). She wants to move the inherited money to her bank, which I feel is a reasonable request. What I'm concerned with is the proper, legal way to do so.

In KY, is a parent granted automatic guardianship for this situation? Or must she receive a court order in order to conduct this transaction?

I am unable to find a definitive answer in any of the statutes. The closest I can find is 2020 pamphlet which states a minor "may require a guardian" to accept an inheritance "even if one or both of the minor's parents are still living." So I figure that's about as clear as mud.

Anyone have help to offer?????

Do you know if the decedent specified that the funds would go to a named custodian for the child under the Kentucky UTMA? If so, I believe that the KY UTMA requires her to transfer the funds from the estate to the identified custodian for the child. (Ky Statutes 385.042). Then it would be up to the custodian to open an account or invest the funds, etc., for the benefit of the child.

By all means, the personal rep should get legal advice on what she needs to do. I can't provide that advice, and your bank should not, either.

Thanks for the reply!

Legal advised she will need to be a court appointed guardian.