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0:00 Intro
0:15 Section 408 trust
0:35 Beneficiary
0:54 Who as beneficiary
1:09 Secondary beneficiaries
1:36 Tax on IRAs
1:58 Inherited IRAs
2:53 When a beneficiaries dies too
3:08 At least 1 contingent beneficiary
3:45 No per stirpes
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An Individual retirement account, commonly known as an IRA, is a great tool for saving money for your retirement. It is a valuable investment that you can benefit from for years to come. However, when you die, what happens to your IRA? There is a question that is often asked by many retirees – does an IRA need to be probated?
Probate is the legal process of distributing a person’s assets after their death. This process may take months or even years, and it may also consume a significant amount of money. However, whether an IRA needs to be probated depends on a few factors:
1. Beneficiary Designation
The first thing to consider is whether you have named a beneficiary for your IRA. When you open an IRA, you are required to name a beneficiary. This person will receive the money in your account after your death. If you have named a beneficiary, your IRA may not need to go through probate. Your beneficiary will need to present a copy of your death certificate to the financial institution holding the IRA, and they will receive the funds.
2. Multiple Beneficiaries
If you have named multiple beneficiaries for your IRA, each will receive a share of the money in the account. In this case, the IRA may need to be probated unless you have designed the account specifically to avoid the probate process.
3. No Beneficiary Designation
If you have not named a beneficiary for your IRA, the money will likely need to go through probate. The financial institution holding the IRA will require a petition for administration from the probate court before releasing the funds.
It is important to note that even if your IRA does not need to be probated, you may still need to make some changes to your estate plan. For example, if your beneficiary predeceases you or if you do not have a beneficiary named for your IRA, you need to add or change the beneficiary designation.
In summary, the answer to the question of whether an IRA needs to be probated depends on how you have named your beneficiary or beneficiaries. If you have named a beneficiary, your IRA may not need to go through probate. If you have named multiple beneficiaries, or if you have not named a beneficiary, the IRA may need to go through probate. Estate planning is essential to ensure your wishes are carried out according to your final wishes.
How do I force my sister to bring the will of my last living parent to be probated so I can get an accurate accounting of my parents assets and liabilities ? She did nothing correctly, let mom’s residence go to foreclosure had to sell without being probated to avoid losing the home, i dont know if I owe taxes bc now i technically inherited property and sold instead of inheritance after whole estate was settled. Sister commingled funds and her home was quitdeed at time of purchase 9 years b4 mom died. my moms name was on the deed as was sisters. That home was also in foreclosure at time of moms death. Is it part of the estate? If no then my understanding is that using moms bank account to straighten out foreclosure situation on sisters house is a no-no. Then once sister house is all good she lets moms house go into foreclosure and first question above comes into play. Trying to litigate this with my wife ourselves. We have LLC and DoNOT want tax penalties or to be non compliant bc of my stupid, lying sister btw what exactly is a quit deed?
Always excellent sir!