If I want to make my children the beneficiaries of my IRA, does my wife need to agree?
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If I want to make my children the beneficiaries of my IRA, does my wife need to agree?
Is TX a community property state? The IRA that was funded before marriage.
Asked on January 6, 2011 under Family Law, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Yes, Texas is a Community Property State. That means that marital assets are split 50/50. However, assets that you had before your marriage are not marital assets but are separate property and not subject to distribution. You claim her that the IRA was funded prior to marriage so that makes it your separate property. However, the bank may want your wife to sign something with regard thereto before you can designate your children as the beneficiaries. She would probably need to sign a waiver and/or consent. Do you think that this would be a problem? Then I would seek help from an estate planner in your area on what you can do. Good luck to you.
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