Legal Question in Wills and Trusts in New York
benificary on ira
if this is not in the will but on the ira will the will cancel this out
Asked on 6/04/09, 10:19 am
3 Answers from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
Re: benificary on ira
N, the IRA designation is seperate from the will and controls.
Answered on 6/04/09, 10:23 am
Rudolf Karvay
Berkman, Henoch, Peterson, Peddy & Fenchel, P.C.
Re: benificary on ira
The general rule is that a beneficiary designation on an IRA trumps the provisions of a Will.
Answered on 6/04/09, 10:40 am
Walter LeVine
Walter D. LeVine, Esq.
Re: benificary on ira
I agree with Alan and Rudy. A Will only acts on assets individually owned, not assets that pass by operation of law, such as joint accounts with right of survivorship, POD accounts, or assets that have a designated beneficiary such as life insurance and IRA or other retirement accounts.
Answered on 6/04/09, 12:07 pm
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