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My last remaining parent died recently. I am named as a beneficiary in the will, but specifically stated as only receiving a small fraction of the estate because he was angry at me. I received an e-mail from a financial institution saying that I am named as a beneficiary on his IRA account and asking me to apply to open an account with that financial institution so they can transfer my share to that account in my name. The amount would probably be alot more than what is specified in the will. Should I bother to open the account (i.e., "stake a claim") or will the financial institution be unable to transfer the money to me because of what the will says?
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Special Needs Trusts Attorney serving Culver City, CA
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The Will does not apply because your father designated you as the beneficiary on the IRA account. The Will only applies to assets that remain in your father's estate after all non-probate transfers occur. Yes, you should either open an account or contact an independent financial advisor and accountant to consider all other options for rolling the asset over to another institution. Please consult with an Estate Planning attorney to do a comprehensive evaluation of your father's entire estate and your unique situation. Best of luck.
Answered on Sep 06th, 2021 at 9:39 AM