I have a lot of retired clients so someone passing away is not unusual. Recently, a long term client that was well into his 80’s passed away. He was married but did not have any children. He had named two of his cousins as small beneficiaries on his IRA account. It fell to me to notify his cousins that they had inherited his account
Neither of his cousins had expected this at all. They were taken aback by my call and the notification of sudden wealth due to their beloved cousin. There are steps we now have to go through to process their distributions and this will take time. The time it will take to process their withdrawals is giving them time to process the generosity of their cousin.

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