Legal Question in Wills and Trusts in California
Collecting ira money w/o a will
Dear lawyers,
My sister recently passed away and had no will. She had roughly $30,000 in stocks. She was not married but she had a baby, and the father is still around. I was the beneficiary listed on two of my sister's roth ira's, and I recently collected on that money. This was roughly half ($15,000) of her estate. Is this money mine, free and clear, or will it have to go through probate along with the rest of her estate? Thanks in advance for your time with this question. [email protected]
3 Answers from Attorneys
Re: Collecting ira money w/o a will
The money from the IRA's is yours. If you were the beneficiary of a bank account, this asset is not probatable. Congrats!
Re: Collecting ira money w/o a will
I am curious, as are the other attorneys here, why there is a Probate at all. If there was under $100K in assets, there should not have been a full Probate; at the very least a small estate Probate for the stock transfer.
If you take a look at our site www.No-Probate.com you can learn a little more about Probate and the small estate requirements.
Please feel free to contact me if you need any additional information at 626-578-0708.
Re: Collecting ira money w/o a will
Contracts with beneficiaries, like IRAs and life insurance policies, normally do not require probate.
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