Legal Question in Wills and Trusts in Illinois
My Ex-husband past and was contacted by Fidelity and T-Rowe Price regarding inheriting his two IRA's. The executor (brother) tells me I am not getting them, even though both Fidelity and T. Rowe have sent me forms to complete and has listed me as Beneficiary/Inherited. Also, do these transaction need to go through Probate? Also, do I need to hire an Attorney?
Thank you.
2 Answers from Attorneys
Complete the forms and make the claim. If your ex-husband failed to remove you as the beneficiary on these accounts, they probably belong to you. Accounts with a beneficiary designation generally don't have to go through probate. Look at your marital settlement from your divorce. There may have been language in the agreement concerning these accounts. It is possible the divorce court may have to issue an order specifying that you are the owner. It is possible you may have relinquished any claim to these funds in the divorce.
Start by filing the claim. Be careful to send all correspondence by Certified Mail, return receipt requested, and carefully take notes if you talk to anyone on the phone: record names and titles of the persons with whom you speak.
I agree with Attorney Prihoda. Additionally, should there be an argument that the funds should not be payable to you and it comes to that being contested, there is enough leverage with you being named that both sides would benefit from reaching a settlement.