Like most assets, you can inherit an individual retirement account (IRA) after the owner’s death. For spouses, inheriting an IRA is a relatively straightforward process.
When you’re in the midst of a divorce, you’re probably not thinking about estate planning or your will. However, if you’re divorcing, you should think about the impact a divorce can have on an estate plan.
If the estate is large and complicated, the assistance of an accountant may be needed. The deceased’s estate lawyer may also need to be involved.
Joint accounts may seem like an effective way to prepare if parents need help with finances as they get older, but unexpected problems could crop up.
In terms of executor vs. beneficiary rights, there are several differences with regard to what type of authority each one has.
A badly in debt woman dies leaving the proceeds of substantial insurance policies to her children only to have her trust contested by relatives who claim an amendment naming the children as beneficiaries is invalid with no witnesses, misspelled names, suspicious signatures and was never given to previous trustees for review as required by agreement. A long, expensive, and protracted legal battle likely is brewing.
The future is uncertain. However, you can ensure that your family and loved ones are taken care of with estate planning. Estate planning is a critical component of financial planning for the future.
Before making a decision on a beneficiary, it’s very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
Estate planning is one of the most important steps you can take for yourself and your loved ones.
When someone dies with money left in an Individual Retirement Account (IRA), the funds can get passed on to the person’s loved ones through an inherited IRA.
Copyright © IMS. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. Some artwork provided under license agreement.
