Legal Question in Wills and Trusts in Pennsylvania
IRA Distribution-Will or Beneficiary designation take precedence?
My father died 2/05, age 84. His will stipulated distribution of stocks, and bequests. The remainder of the estate was to be sold, and distributed to my brother and I, share and share alike.He had an IRA that was taken out 5+ years ago, but the beneficiary of the IRA was my sole sibling, my brother. Does the Will, written 9/05, that did not specifically stipulate my brother get the IRA take precedence, or does the original designation of Beneficiary, done 5+ years prior take precedence?
Thank you.
1 Answer from Attorneys
Re: IRA Distribution-Will or Beneficiary designation take precedence?
Because the IRA had a beneficiary its is not part of his estate so it is not distributed by his will. Designating a beneficiary is one way of avoiding probate.
John
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