QUESTION
Dad's retirement, does it belong to my sister or the estate?
Asked on Jun 20th, 2013 on Estate Planning - Washington
More details to this question:
Dad left his retirement in my sister's name with the stipulation it goes to Mom until Mom dies. Mom died and there is $9,000 in that checking account.
14 ANSWERS
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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If this is a true retirement account then the beneficiary designation filed with the employer governs. If this is just a checking account and the only name on the account is your father's - it goes to his estate if it is a joint account (joint tenancy with right of survivorship or tenancy by the entities) it goes to the other co-owners.
Answered on Aug 19th, 2013 at 7:08 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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If in your sister's name it is hers if in his name it is part of his estate.
Answered on Jun 22nd, 2013 at 2:59 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It sounds like it could go to your sister. You should review the Will, however.
Answered on Jun 21st, 2013 at 12:19 AM
Estate Planning Attorney serving Torrance, CA
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The Law Office of Kelvin Green
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If the account is in your sister's name it is hers but you may want to try and work it out in the name of family harmony.
Answered on Jun 20th, 2013 at 8:23 PM
Criminal Defense Attorney serving Goshen, NY
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Glenn W. Magnell
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If your Dad left a retirement account with your sister named as beneficiary upon his death, then title to that account will transfer by operation of law to your sister upon his death. It will not be considered an asset of the estate.
Answered on Jun 20th, 2013 at 8:22 PM
It depends. Starts with probating your father's estate. Did he have a will? Then the executor files in probate court with an accounting of all the assets including the retirement fund. Unless the retirement fund has a beneficiary named. If all there is only $9,000 it is part of his estate unless he specifically named your sister as beneficiary under a will.
Answered on Jun 20th, 2013 at 8:22 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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A "checking account" is not "retirement." If there is a checking account and your sister is a joint owner of that account, then it is hers when the other joint owners die.
Answered on Jun 20th, 2013 at 8:22 PM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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Your sister.
Answered on Jun 20th, 2013 at 8:21 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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If your sister was the beneficiary on the account, the money goes to her and not to your father's estate.
Answered on Jun 20th, 2013 at 6:36 PM
Thomas Edward Gates
Sorry, it belongs to your sister.
Answered on Jun 20th, 2013 at 6:35 PM
Based on the information you've provided, it sounds like your sister would have first claim on the account.
Answered on Jun 20th, 2013 at 6:35 PM
3 Awards
If the account names your sister as the beneficiary it goes to her. Unless there is a written agreement between both of them about the use of the money his stipulation is probably insufficient to change anything. You may wish to address additional facts with an attorney but it sounds as though the money is your sister's to keep.
Answered on Jun 20th, 2013 at 6:35 PM
2 Awards
It would go to your mother's heirs which is you and your sister and any other siblings you have.
Answered on Jun 20th, 2013 at 6:35 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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What do you think? It goes to your sister. Think of it as compensation for taking care of your mom.
Answered on Jun 20th, 2013 at 6:35 PM