Louisiana Revised Statutes 9:2449 – Individual retirement accounts; payment of benefits
Terms Used In Louisiana Revised Statutes 9:2449
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Trustee: A person or institution holding and administering property in trust.
A. Any benefits payable by reason of death from an individual retirement account established in accordance with the provisions of 26 U.S.C. § 408, as amended, shall be paid as provided in the individual retirement account agreement to the designated beneficiary of the account. Such payment shall be a valid and sufficient release and discharge of the account holder for the payment or delivery so made and shall relieve the trustee, custodian, insurance company or other account fiduciary from all adverse claims thereto by a person claiming as a surviving or former spouse or a successor to such a spouse.
B. The provisions of this Section shall apply even when the decedent designates a beneficiary by last will and testament.
C. Repealed by Acts 2010, No. 175, §6.
Acts 1986, No. 600, §1; Acts 1987, No. 131, §1, eff. June 18, 1987; Acts 1988, No. 712, §1; Acts 2010, No. 175, §6; Acts 2011, No. 346, §2.