If my wife’s Will leaves all property to her son but her IRA and insurance policy have named me as beneficiary, then which document applies upon her death?
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If my wife’s Will leaves all property to her son but her IRA and insurance policy have named me as beneficiary, then which document applies upon her death?
Asked on June 15, 2012 under Estate Planning, Indiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Assets that have beneficiary forms - such as IRA's and life insurance policies - are said to pass "outside the estate", meaning that they are not considered part of the decedent's estate and pass autmoatically to the named beneficiary after the death of the decedent. So if you are so named they are not "property" of the estate at all and go to you. Good luck.
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