Legal Question in Wills and Trusts in California
My mom passed and left a will and a revocable living trust, to become irrevocable upon her death. She named in her trust all property and retirement accounts. My brother is the executor of the trust and also has POA. The trust states him and myself are to divide all property, assets etc equally. He is also named as beneficiary on her IRA. Does that IRA money belong to the trust or does it belong solely to him? I am in California.
2 Answers from Attorneys
Usually the beneficiary designation on file with the financial institution holding the IRA is controlling. I think you may want to have an attorney look at how the IRA is named as a trust asset (assuming that it is). Without seeing the actual documents and reviewing the facts in greater detail it is not really possible to give you an answer.
I agree with Mr. Feldman and would just add, that if the IRA is not listed as a trust asset, then the beneficiary designation definitely supersedes any trust provisions.
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