What will happen if my recently deceased father listed his second wife as beneficiary of an IRA but she passed away 2 years ago?

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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.   


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