Advising When Estate or Trust Is Beneficiary of Retirement
The Cost: Free to Members |
By Mark Munson, CELA
A client for whom you have recently prepared an estate plan comes back to see you to seek your advice because she has recently been appointed as personal representative of her great uncle's estate pursuant to his last will and testament. One of the assets in her great uncle's estate is his individual retirement account (IRA) because the beneficiary he designated to receive his IRA predeceased him and he neglected to name a secondary or contingent beneficiary. The only specific bequests identified in the will consist of tangible personal property. The IRA is worth $200,000 and there are four residuary beneficiaries.
What are some of the issues that you will want to identify for your client as personal representative with respect to great uncle's IRA?
Mark D. Munson, CELA, is a member of the NAELA Board of Directors. He served as co-chair of the 2015 NAELA Annual Conference and a board member of the NAELA Wisconsin Chapter.
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