Legal Question in Wills and Trusts in Connecticut
IRA distribution
Who would be the legal heir of an IRA acc't in a case where a man leaves his estate to his family members in equal shares with his natural daughter entitled to one share. The IRA account lists the estate as the beneficiary. However, the financial institution holding the IRA acc't in NY lists the wife and then the daughter as the legal heir to the IRA. The mother of the natural daugher was never married to the man leaving the estate and does not inherit the IRA acc't.If the daughter is the legal heir to the IRA, where should the matter be litigated in NY where the IRA is held or in CT where the will is probated?.
2 Answers from Attorneys
Re: IRA distribution
The action should be brought where the estate is being probated. The bank in question can be made a party to the Connecticut action.
Gary Moore, Esquire
Hackensack, New Jersey
www.garymooreattorneyatlaw.com
Re: IRA distribution
While I agree with Gary on the site of ltigation, I am a little confused. Is there is proper beneficiary designation for this account? If so, what does it say? Usually this goes to wife or children if wife is deceased. It may be required that wife consent to an alternative beneficiary designation, but that may not be the case here, as the parties were never married. In that case, if there is no wife, the daughter should inherit, but this depends upon the language of the beneficiary designation, if there is one. If the recorded designation names the estate, the account will pass under the Will. I suggest you get a copy of the designation before you consider suit. This is a reply to an Internet question and the reply is not to be considered as legal advice or as creating an attorney-client relationship.
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