This is a tough question do your best guys?Brother knew he was Dying in a few monthes so started planning his estate Leaving my

siter as Execu /Trust. Had no spouse, no childre, only Mom me and sister.Our cousin was his stock broker, she did not say exactly who the 1st beneficiary was of IRA. Only 3 of us left.Was it my mothers? My sister got him to call up my cousin to send him beneficiary name change forms.Cousin asked him is he sure you want to change?you have 1 more person in family. At The reading of the will, the attorney announced my sister as benficiary to 60 thous dollars.IRA $ from brother to her. She kept for her self never probated that asset. Is there something illegal about this change of benficary by phone? Are Ira's a personal asset ?I am named to receive 1/2 of his tang/ assets w/her.Is she allowed to accept that without filing as an asset to probate.?Why was that not listed or documented anywhere

New York -

Attorney Answers (2)

Glenn A Jarrett

Glenn A Jarrett

Estate Planning Attorney
Answered

If an IRA has a beneficiary listed, the funds are not part of probate and need not be listed on a probate inventory. Without more facts, it is impossible to know whether the beneficiary change form was properly completed. You may want to consult a lawyer in your area. Good luck.

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My comments are not intended to establish an attorney-client relationship, are not confidential, and are not intended to constitute legal advice. Proper legal advice can only be given by an attorney who agrees to represent you, who reviews the facts of your specific case, who does not have a conflict of interest preventing the representation, and who is licensed as an attorney in the state where the law applies.

Geraldine Anne Brown

Geraldine Anne Brown

Family Law Attorney
Answered

Assets in a financial account with a properly designated beneficiary will pass "by operation of law" and do not need to be probated. These assets go directly to the person named and are not subject to the terms of the will. If you have doubts about the named beneficiary, you can request to see the beneficiary designation form to see that it was properly executed according to the requirements of the financial institution that held the account.

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