Permalink Submitted by Alan - IRA critic on Wed, 2018-08-29 21:00
Before commenting, please confirm that his IRA did not name a beneficiary, that the beneficiary clause in the IRA states that his estate is the beneficiary when he did not name one, and that the intestate provisions of his state are what is being cited to determine who his estate beneficiaries are. Note that there is always a legal recourse if the personal rep (executor) does not execute their duties. Of course, the legal fees involved can be high so the amount of the IRA is a factor.
Permalink Submitted by Danielle Sierra on Thu, 2018-08-30 10:46
thank you so much for your reply. there wasnt anyone that was named as a beneficiary. initially the estate lawyer was handling this, but theres ab odd requirement in the state that they needed someone living in the state to become a co executor, so the lawyer gave that position to one of the secretaries there. when it came time to divide up the IRA, the secretary wasnt aware that she would have to submit personal info such as income taxes and alike and she felt uncomfortable doing that. that’s when the lawyer said he would close out the estate and the my cousin divide/handle the IRA herself. it’s a substantial ira so it would be worth pursuing. hes passed a year and a half ago, the estate was closed out 6 months ago and I still have no info at all regarding the ira.
Permalink Submitted by Alan - IRA critic on Wed, 2018-08-29 21:00
Before commenting, please confirm that his IRA did not name a beneficiary, that the beneficiary clause in the IRA states that his estate is the beneficiary when he did not name one, and that the intestate provisions of his state are what is being cited to determine who his estate beneficiaries are. Note that there is always a legal recourse if the personal rep (executor) does not execute their duties. Of course, the legal fees involved can be high so the amount of the IRA is a factor.
Permalink Submitted by Danielle Sierra on Thu, 2018-08-30 10:46
thank you so much for your reply. there wasnt anyone that was named as a beneficiary. initially the estate lawyer was handling this, but theres ab odd requirement in the state that they needed someone living in the state to become a co executor, so the lawyer gave that position to one of the secretaries there. when it came time to divide up the IRA, the secretary wasnt aware that she would have to submit personal info such as income taxes and alike and she felt uncomfortable doing that. that’s when the lawyer said he would close out the estate and the my cousin divide/handle the IRA herself. it’s a substantial ira so it would be worth pursuing. hes passed a year and a half ago, the estate was closed out 6 months ago and I still have no info at all regarding the ira.