Legal Question in Wills and Trusts in Ohio
My father has an IRA and during his illness he transferred it to another financial institution. During the transfer the beneficiary designation form got incorrectly filled out naming his children as primary beneficiaries, not my mother (his spouse). All previous forms show my mother as primary and the children as contingencies. We discovered this mistake after his death. All of us children (adults) believe the primary should be our mother, how do we change this? As a living spouse isn�t she the default primary legally? They were taking monthly draws on this as their primary source of income prior to my father�s death.
1 Answer from Attorneys
Is your mother listed as the contingent/secondary beneficiary? If she is, the children can disclaim their rights to the IRA and the contingent beneficairy would inherit it. If she is not listed as the contingent/secondary beneficiary, the IRA would have to go through probate and your mother could inherit it that way.
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