Does aperson have full right toan IRAifthey was listed as secondary beneficiary?
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Does aperson have full right toan IRAifthey was listed as secondary beneficiary?
My wife is direct descendant of grandfather. Her father was the only son. Both have since died and my wife is listed as a secondary beneficiary in her grandfather’s IRA account. This money was turned over to the state There were no Wills and nothing is in probate. Also, the father was re-married but only after the IRA was in place. Is she entitled and to any other funds left behind by her grandfather.
Asked on March 9, 2012 under Estate Planning, Nebraska
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under the laws of most states, the living designated beneficiary under a person's IRA account is entitled to the proceeds from it. Meaning, if when the grandfather dies and our wife was the sole living designated beneficiary still living under his IRA, she is entitled to the IRA funds.
I suggest that you consult with a Wills and trust attorney about the situation you are writing about.
If there is no Will or trust and there are assets of the grandfather, an administration proceeding should be filed to close out his estate.
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