Legal Question in Wills and Trusts in Massachusetts
Should IRA's and CD's that have beneficiary named be included on inventory submitted to probate court?
Thank you!
Asked on 9/30/09, 9:42 am
2 Answers from Attorneys
IRA's that pass directly to an individual should not be included in an inventory. If the CD is jointly owned with someone and the bank only requires a copy of the death certificate to transfer it to the other person, then it is reasonable to take the position it is not part of probate.
However, Probate or no Probate such items are part of the estate for inheritance tax purposes.
Answered on 10/05/09, 10:03 am
henry lebensbaum
Law Offices of Henry Lebensbaum (978-749-3606)
I agree and if any one tells you the opposite, call me.
Answered on 10/05/09, 3:23 pm
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