Your RMDs from your IRA or plan will cease after your death, but your non-spouse designated beneficiary (or beneficiaries) will then typically be required to liquidate the account within 10 years. A spouse beneficiary may generally roll over an inherited IRA or plan account into an IRA in the spouse's own name, allowing the spouse to delay taking additional required distributions until he or she turns 72.
As with required lifetime distributions, proper planning for required post-death distributions is essential. You should consult an estate planning attorney and/or a tax professional.
Legislation passed in December 2019 dramatically changed the RMD rules for IRA assets inherited by most non-spouse beneficiaries. A financial or estate-planning professional can help you determine how the new rules may affect your estate-planning strategies.