Legal Question in Wills and Trusts in New York

ira's

There is an IRA that was left to the beneficiaries of an estate but the beneficiaries of the estate would like the IRA to go to somebody else. Is there a way that the executor can name somebody else, other than the beneficiaries of the estate, as the beneficiary of the IRA?

Our executor is telling us that he will probably have to name the beneficiaries of the estate as beneficiaries of the IRA, BUT what if we want somebody else to be the beneficiary of the IRA. Is it possible for us to do this?


Asked on 12/07/02, 9:37 am

2 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: ira's

If the intended recipient is a person who would inherit by intestacy (as if the decedent dies without a Will), you may be able to renounce your interest in the account in favor of that person, although all heirs or potential heirs similarly situated may become entitled. I do not believe you can select a single "intestate" heir to give the asset. if a renunciation cannot be used, my suggestion is to bite the bullet and take the asset, pay the tax liability, and transfer the net funds to the intended recipient.

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Answered on 12/09/02, 2:38 pm
David Slater David P. Slater, Esq.

Re: ira's

No. Although you can renounce your devise you cannot substitute the beneficiary thereof.

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Answered on 12/07/02, 5:15 pm


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