Legal Question in Wills and Trusts in Massachusetts

Re: Estate/IRA Question

The IRA goes to you, however depending on the language of the Will it may or may not be deemed part of the estate for distribution purposes. Most Wills are written so that it would not be made part of the estate calculation.

You should also consult someone on the best way to handle the IRA for your own income tax purposes.

Re: Estate/IRA Question

In general, "nonprobate" property passes according to the beneficiary designations in the document (e.g., life insurance, IRA, pension, joint bank accounts (sometimes), etcetera.)

The account should be yours, except if there was some extrinsic document in which it was agreed that you would share with others. Ordinarily, you would have to have agreed to it.

The will typically divides only the "probate" estate - property standing solely in the name of the decedent, without any beneficiary designations.

In some cases, significant income taxes can be incurred or avoided in the way the inherited IRA is handled. You should contact an attorney or accountant for advice if there are significant funds in the IRA.