If your spouse, parent, or sibling held an IRA at Chase, closing that account after their death involves more than a death certificate and a phone call. Chase has a specific bereavement process for IRAs, the IRS has distribution rules that depend on your relationship to the deceased, and the timeline stretches longer if beneficiary forms were never updated. This guide covers how to close a Chase IRA after death, what Chase requires for estate settlement, and the beneficiary options that can save you thousands in taxes if you choose correctly.

TLDR:

• Call Chase at 1-800-648-4782 to start the process and have a certified death certificate ready.
• Spouses can roll an inherited IRA into their own account, while non-spouse beneficiaries typically must withdraw all funds within 10 years.
• Traditional IRA withdrawals are taxed as ordinary income, so taking a lump sum can push you into a higher tax bracket.
• Beneficiaries must file a claim within six months of death to avoid complications.
• Sunset finds accounts across financial institutions and walks you through each step of estate settlement for free.

How to Notify Chase of an IRA Owner's Death

Call Chase's J.P. Morgan Estate Services line at 1-800-648-4782 to report the death. Anyone can make that initial call, but only authorized parties like the named beneficiary, executor, or administrator can access account details or move the process forward.

When you call, have the deceased's full legal name, Social Security number, date of death, and account numbers ready. A branch visit works too if you prefer in-person. Chase's J.P. Morgan estate services page and their estate services FAQ page cover documentation requirements and next steps in detail.

Required Documents for Closing a Chase IRA

Closing a Chase IRA after a death starts with two documents every claimant needs: a certified copy of the death certificate with a visible state seal (a photocopy won't work for IRAs or investment accounts) and government-issued photo ID for yourself.

Beyond that, what you need depends on your role:

• Named beneficiary: a completed beneficiary claim form, which Chase provides on request.
• Executor or administrator: Letters Testamentary or Letters of Administration, dated within the last 12 months.

One deadline worth noting: designated IRA beneficiaries must file a claim within 6 months of the account holder's death.

Spouse Beneficiary Options for Inherited Chase IRAs

If your spouse named you as the sole beneficiary of a Chase IRA, you have options that no other type of beneficiary gets.

The spousal rollover

You can roll the inherited IRA directly into your own IRA. Once completed, the account follows your own required minimum distribution (RMD) schedule, not your spouse's. If you're under 59½, this is worth thinking through carefully, since withdrawals from your own IRA before that age trigger the 10% early withdrawal penalty.

Treating it as an inherited IRA instead

You can leave it as an inherited IRA in your spouse's name. This lets you take distributions based on your spouse's age, which can be useful if your spouse was older and had already reached RMD age, or if you need access to funds before 59½ without the early withdrawal penalty applying.

Chase will ask you to choose between these paths early in the settlement process, so it helps to have a clear sense of your financial situation and timeline before you call.

Non-Spouse Beneficiary Rules and the 10-Year Distribution Requirement

If you're not the spouse of the person who died, the rules change considerably. Non-spouse beneficiaries (children, siblings, friends, or other relatives) generally cannot stretch IRA distributions over their own lifetime the way spouses can. Under the SECURE Act, most non-spouse beneficiaries must fully withdraw inherited IRA funds within 10 years of the original account holder's death.

There are exceptions worth knowing:

• Minor children of the deceased can delay the 10-year clock until they reach the age of majority, at which point the 10-year window begins.
• Beneficiaries who are chronically ill or disabled may qualify for the lifetime stretch distribution that was once more broadly available.
• Beneficiaries within 10 years of the deceased's age can also use the stretch method instead of the 10-year rule.

The tax implications here are real. Withdrawals from a traditional Chase IRA count as ordinary income in the year you take them. If you pull the entire balance in one year, that amount stacks on top of your regular income, which can push you into a higher bracket. Many beneficiaries work with a tax advisor to spread distributions strategically across the 10-year period, especially when finding all of a deceased parent's assets.

How this affects closing the account

The 10-year rule doesn't mean you close the account immediately. You can leave funds in the inherited IRA and take distributions on a schedule that works for your tax situation, as long as the account is fully distributed by the deadline. Chase will retitle the account as an inherited IRA in your name before any distributions begin (families often use retirement account search tools to locate all inherited accounts first).

Eligible Designated Beneficiaries Who Are Exempt from the 10-Year Rule

Not all beneficiaries fall under the 10-year rule. The IRS carved out a category called Eligible Designated Beneficiaries (EDBs) who can still stretch distributions over their own life expectancy, the way inherited IRA rules worked before 2020.

The following people qualify as EDBs:

• The surviving spouse of the account holder, who can also roll the inherited IRA into their own IRA entirely and defer distributions until their own RMD age kicks in.
• A minor child of the deceased, though only until they reach the age of majority, at which point the 10-year rule begins.
• A chronically ill or disabled beneficiary, as defined under IRS criteria, who can take smaller distributions spread across their lifetime instead of being forced to drain the account in a decade.
• A beneficiary who is no more than 10 years younger than the deceased, such as a sibling or close-in-age partner.

If you are one of these beneficiaries, the timeline pressure is different, but the process of notifying Chase and opening an inherited IRA account remains the same.

Tax Implications of Inherited Traditional vs. Roth IRAs

The tax treatment of an inherited IRA depends heavily on whether the account was a traditional or Roth IRA, and getting this wrong can cost beneficiaries thousands of dollars.

Traditional IRAs are funded with pre-tax dollars, so every withdrawal a beneficiary takes is treated as ordinary income in that tax year. If the account is large and the beneficiary takes a lump sum, they could easily push themselves into a higher tax bracket.

Roth IRAs work differently. Because the original owner paid taxes upfront, qualified distributions to beneficiaries are generally tax-free, as long as the account was open for at least five years before the owner died.

The 10-year rule and what it means for taxes

Under current IRS rules, most non-spouse beneficiaries must fully withdraw inherited IRA funds within 10 years of the account holder's death. There are no required annual withdrawals, but the account cannot simply sit indefinitely.

For traditional IRAs, this creates real tax planning pressure. A beneficiary who waits until year 10 to withdraw everything may face a substantial tax bill in a single year. Spreading withdrawals across the 10-year window, timed around lower-income years, can reduce that burden.

For Roth IRAs, the 10-year rule still applies, but the tax consequence is far less severe since distributions remain tax-free.

Spouses who inherit an IRA have more flexibility, including the option to roll the account into their own IRA and defer distributions under standard rules.

Requesting a Step-Up in Cost Basis for Inherited Chase IRA Assets

A step-up in cost basis can reduce the capital gains taxes an heir owes when selling inherited assets, but traditional IRAs don't qualify. Because IRA contributions were made pre-tax, the IRS treats all distributions as ordinary income regardless of how the underlying investments performed. There's no stepped-up basis to request from Chase or anyone else.

Roth IRAs follow different rules. Contributions were made after-tax, so qualified distributions are generally tax-free, but the step-up provision still doesn't apply in the same way it does for taxable brokerage accounts.

If the estate includes both an IRA and non-IRA investment accounts held at Chase (which you can locate through investment account search), the non-IRA accounts may well qualify for a step-up to the fair market value on the date of death. That distinction matters when deciding which inherited assets to sell first.

A tax advisor or estate attorney can help you map out the most efficient drawdown order given the specific accounts involved.

Timeline for Receiving Inherited Funds from Chase

Most Chase IRA distributions wrap up within a few weeks once complete documentation is submitted. The exact window depends on several factors worth knowing before you call.

If Chase flags a missing document or needs additional court records, the process pauses until you respond (part of why finding all assets early matters). Getting your paperwork right on the first submission is the most reliable way to avoid a longer wait.

Options for Receiving Inherited Chase IRA Assets

As a beneficiary, you typically have a few paths for handling inherited Chase IRA funds. The right choice depends on your relationship to the deceased and the type of IRA involved.

Spousal vs. non-spousal beneficiaries

Spouses get more flexibility than other heirs. A surviving spouse can roll the inherited IRA into their own IRA, keeping tax-deferred growth going on their own timeline. Non-spouse beneficiaries generally cannot do this.

• Spousal rollover: the spouse treats the account as their own, which means their own RMD rules apply going forward.
• Inherited IRA (non-spouse): you open a separate inherited IRA in your name and take distributions according to IRS rules, which for most non-spouse beneficiaries now require the account to be fully distributed within 10 years under the SECURE 2.0 Act.
• Lump-sum distribution: you can request a full cash distribution, but the entire amount becomes taxable income in that year, which can push you into a higher bracket.

Chase will walk you through these options during the bereavement settlement process, but it's worth consulting a tax advisor before choosing, since the tax consequences vary considerably between options.

Common Mistakes When Closing an IRA After Death

A few mistakes show up consistently when beneficiaries close inherited IRAs, and knowing them in advance can save you real money and time.

• Year-of-death RMD: if the account holder hadn't taken their required minimum distribution for the year they died, the estate or beneficiary is still responsible for it. The IRS doesn't waive that obligation, and skipping it triggers a penalty.
• Outdated beneficiary designations: a decades-old form naming an ex-spouse or a person who has since died can complicate or redirect the claim in ways a current will cannot override, much like hidden assets families forget. Beneficiary designations control who inherits, full stop.
• Waiting too long to notify Chase: the 6-month claim window for certain beneficiary types is firm. Letting that deadline slip creates problems that are much harder to resolve after the fact.
• Making distribution elections without tax advice: for large traditional IRAs especially, how you take distributions locks in a tax outcome that generally can't be reversed. Consulting a tax professional before making that call costs far less than the alternative.

How Sunset Simplifies the Entire Estate Settlement Process After a Death

Closing a Chase IRA after someone dies involves paperwork, waiting, and more phone calls than anyone wants to deal with while grieving. Sunset is a free service built to take the administrative weight off families going through exactly this.

When you're ready, Sunset searches across financial institutions to find accounts the deceased held, flags what needs attention, and walks you through each step of the settlement process (covering many things executors wish they knew before starting). You don't have to figure out which forms Chase needs or whether you've missed an account somewhere.

Sunset is free for families and works alongside attorneys and financial advisors, not instead of them.

Final Thoughts on Handling Chase IRA Accounts After Someone Dies

The combination of tight claim deadlines, irreversible distribution elections, and real tax exposure makes settling a Chase IRA something you want to get right the first time. Most mistakes happen when beneficiaries rush a decision without understanding the 10-year rule or skip the year-of-death RMD because they didn't know it still applied. Sunset searches across banks, brokerages, and credit unions to find every account the deceased held, flags what needs immediate attention, and walks you through the exact steps required to close or transfer each one. It's free, and you can start whenever you're ready.

FAQ

How do I close a Chase IRA after someone dies?

Call Chase's J.P. Morgan Estate Services line at 1-800-648-4782 to report the death and start the process. You'll need a certified death certificate, government-issued photo ID, and documentation proving you're an authorized party like a named beneficiary or executor.

Should I roll my spouse's inherited Chase IRA into my own account?

A spousal rollover lets you treat the inherited IRA as your own, following your RMD schedule and giving you full control. Keeping it as an inherited IRA in your spouse's name can be useful if your spouse was older and already taking RMDs, or if you're under 59½ and need penalty-free access to funds before that age.

Can I stretch an inherited IRA over my lifetime if I'm not the spouse?

Most non-spouse beneficiaries cannot. Under the SECURE Act, you must fully withdraw inherited IRA funds within 10 years of the account holder's death, though you can time distributions strategically within that window. Minor children, disabled or chronically ill beneficiaries, and those within 10 years of the deceased's age are exceptions who may qualify for lifetime stretch distributions.

What happens if I miss the year-of-death RMD for an inherited IRA?

If the account holder hadn't taken their required minimum distribution for the year they died, the estate or beneficiary is still responsible for it. The IRS doesn't waive that obligation, and skipping it triggers a penalty that can be avoided by withdrawing the RMD amount before year-end.

How long does it take to receive inherited funds from Chase?

Most Chase IRA distributions wrap up within a few weeks once complete documentation is submitted. The timeline depends on whether you have clean beneficiary paperwork, are transferring to an existing J.P. Morgan account, or need probate documentation, which can extend the wait.