Legal Question in Wills and Trusts in Colorado
IRA Beneficiary - Intestate in Colorado
My brother recently passed away with no will. He was divorced and has no children. He has an IRA with his ex-wife named as the sole beneficiary. Does his ex-wife receive the IRA or does it go to the estate? This is for the state of Colorado. I am his brother and the Personal Representative for the estate.
2 Answers from Attorneys
Re: IRA Beneficiary - Intestate in Colorado
There is a Colorado Statute that may apply to this case. That Statute would mean the beneficiary designation to the ex-wife would not apply and the IRA would pass as if that designation was not in place.
You should contact a qualified estate attorney for assistance and clarification.
Re: IRA Beneficiary - Intestate in Colorado
Technically, the beneficiary designation on the IRA contract would mandate that the named beneficiary get the proceeds from the IRA. HOWEVER, if upon their divorce there was a court ordered diassolution agreement that may govern those funds and your brother simply did not take his ex-wife's name off of the IRA, there may be a way for those funds to pass through his estate.
Give me a call and we talk more about this.
Marco Chayet
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