What will happen if my recently deceased father listed his second wife as beneficiary of an IRA but she passed away 2 years ago?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What will happen if my recently deceased father listed his second wife as beneficiary of an IRA but she passed away 2 years ago?
He did not list a contingent beneficiary. Per the bank, the IRA would go to his surviving children, not his estate which has additional named beneficiaries. Is this a bank policy or a legal requirement? Does the estate or the other named beneficiaries in the estate have any legal recourse?
Asked on February 2, 2015 under Estate Planning, Michigan
Answers:
Christine Socrates / Christine Sabio Socrates, Atty at Law
Answered 9 years ago | Contributor
If your father did not list a contingent beneficiary, then the estate would be the beneficiary unless there is something in their policy that says otherwise and or your father set it up that way when he opened the IRA. The IRA paperwork would need to be evaluated as well as your father's will in order to properly assess your matter.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.