Is there something like the American IRA (individual retirement account) in Italy?

Do I need to give retirement fund paperwork to executrix to transfer ownership and what does it all mean?

• I just received a letter and packet from TIAA-CREF saying I was a beneficiary of my aunt's retirement fund. She passed away over the summer from breast cancer and I think I was the closest thing to a daughter besides her best friend. I'm 33 and I've nothing saved for retirement (I taught adult basic ed without benefits and pulled in about $20k for several years). I would love to have a retirement fund as I'm an only child helping parents and no kids myself to fall back on. But the letter says that if the will has been probated I need to give it to the executrix who is my other aunt. There is a will on which I am a residual beneficiary along with all my cousins. Should I give it to the executrix or should I do it myself? Do you see any reason I can't take over ownership of the account? Will it be cashed out and divided instead? Is a retirement fund considered an asset? She had an apartment in New York that will be sold, other savings accounts, IRA's, and other stuff to be portioned out. I know I'm sounding selfish. The fund isn't a lot, but it would be something like what I should have saved all those years of working. I wasn't expecting a letter so it's no big deal but a retirement account sounds really good at this point in my life. I'm asking here because I don't want to embarrass myself in front of family and fill out something I shouldn't do legally.

• Answer:

  If you're listed as the designated beneficiary on your aunt's retirement plan, probate, her Will, and the Executrix, have nothing to do, nor are they a part, of receiving benefits from the account, Accounts with "beneficiary designations' bypass the probate process, unless the beneficiary is the decedent's estate. You'll likely have to take distributions based on your life expectancy, or a lump sum, or somewhere in between. If you'd like some assistance with this, I'd be happy to help, pro bono. On behalf of all of your responders, who take the time and effort to help questioners in this free Yahoo! community, THANK YOU in advance for taking the time to choose your "Best" Answer. We really appreciate it. DISCLAIMER: While the information in this response was obtained from sources believed to be reliable, its accuracy and completeness cannot be guaranteed. The opinion voiced in this answer is for general information only and it shall not be construed as tax, legal, or investment advice for any individual. Questioners are urged to consult with their professional advisers before making any decisions regarding their finances Bradley Mann, EA, CFP®, BCE Enrolled Agent | Admitted to Practice before the IRS Certified Financial Planner™ Practitioner