Legal Question in Wills and Trusts in New York
I was left as the 100% beneficiary of an Roth IRA that was rolled over into my name after my husbands passing. I was recently informed though that even though I was the spouse and left as the only beneficiary within the will that it may be considered part of the estate which would be divided up among several family members. Is this individual correct in stating that?
4 Answers from Attorneys
Unlikely. However, to be sure, an examination of all relevant documentation would be necessary. The deciding factor would be the beneficiary named in the IRA, not necessarily the Will.
No, and I will explain why. Prior to your husband's death he instructed the IRA to be rolled over into your name. In essence, he made a gift to you, conditioned on his death. If your husband did not name you, and did not name anyone, then the asset would have to be transferred to under the will.
Mike.
Mike is correct, if the beneficiary designation was your name alone before the roll-over. You indicate that the roll-over took place after your husband passed. You have not said who was the beneficiary at the time of his passing. The beneficiary designation in existance on the date of death controls, not what may have been a subsequent change after he passed.
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