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IRA designated beneficiary and will.?
My brother (who was dying in the hospital of pancreatic cancer) had me listed me as sole beneficiary on his IRA. A day before be died in the hospital my greedy sister brought an attorney to the hospital and had him sign a will stating that all his assets were to be put into a trust instead after his death and divided equally amongst his surviving siblings and to revoke to revoke all previous listed beneficiaries. Can this will override the designated beneficiaries he already named on IRA s, insurance policies, etc.?
2 Answers
- SlickterpLv 76 years ago
The will changes nothing. You are still beneficiary, happens automatically on his death, there is nothing to will in the case of the IRA. The only way to revoke the beneficiaries is to do it through whomever administers the accounts.
Having everything divided equally doesn't sound all that greedy, BTW.
- MorningfoxLv 76 years ago
An IRA is an example of something that passes by contract, not by the will. Other examples are "pay on death" bank accounts, and real estate where the deed says who gets the house.
