Legal Question in Wills and Trusts in Illinois
Mutual Fund Beneficary
Mother passed away and we are unable to find a signed will. Ans we know that due to several kids it will have to go into probate, but there is a Mutual Fund/ IRA that there is Beneficaries that are named can that be contested or should it be in the estate? If so how do you go about doing this?
2 Answers from Attorneys
Re: Mutual Fund Beneficary
First of all, anything can be contested. Estate planning is very complicated, and advice given without knowing all the details of your specific situation may not be good legal advice.
I can say that normally assets, such as the one you describes, will be in probate and will be part of the estate. There are various type deadlines for contesting estate assets and I recommend you contact an attorney as soon as possible. One of my areas of practice is estate planning and I'd be more than happy to briefly speak with you about your matter at no cost. Hope this helps! Contact me if you're interested.
Re: Mutual Fund Beneficary
Whether there will have to be a probate estate opened is dependant on the size of the mutual fund and other estate assets.
If it is a small estate (under $100,000), it is possible to administer the estate without going to probate court.
As for the IRA, if no one is contesting the beneficiary designation, it should be distributed without any probate court involvement.
Good luck to you. Let me know if I can assist in any way.
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