Generally, if the owner of an IRA dies before beginning required minimum distributions, the designated beneficiary must: 1. take the entire amount in lump sum in the year after the year of death 2. take the entire amount of the account balance within ten years after the year of death 3. take the entire amount of the account balance within five years after the year of death 4. begin to take the required minimum distributions when the beneficiary turns 70 1/2