Legal Question in Wills and Trusts in Pennsylvania
savings account
My mother-in-law in her will states that her grandchildren are to receive the proceeds or her savings account which she held at a local bank at the time she wrote the will, or ''any othersubsequent savings institution where the savings may be deposited''. Since the time she wrote the will, she spent that savings and closed the account. She also has a retirement IRA account with another local banks that remains open. The IRA account is not mentioned in the will. My husband , is power of attorney and executor of the will. My husband and the attorney who wrote the will ( no longer works for the law firm and has moved out of state) are co-testimonial guardians. Further, my husband is to receive all tangible personal property and policies of insurance( there are no policies of insurance). My husband is also to receive the rest, remainder of the property real and personal.
My question: Is the IRA/ retirement account considered a ''savings'' account? And, one of the grandchildren is a minor from another marriage. Could the parent of that minor granchild--name removed--us for the IRA account since the savings account no longer exists?
1 Answer from Attorneys
Re: savings account
This is a very good question. If your mother-in-law has passed I would assume the attorney who is handling the estate can answer these questions.
If that is not the case, I would need to review the entire will before I could give you my opinion. There was a recent court decision where the testator gave bequathed all assets to her daughter, there was an IRA that was not mentioned in the will and the beneficiary on the IRA was a former companion. The court held the intent at the time of the will was to leave everything to the daughter and the daughter should receive the IRA even though the beneficiary had not been changed.
If you would like to discuss the matter in greater detail please contact my office. We handle alot of estate planning and elderlaw issues. We are located in the Pittsburgh area and can travel.
All intitial consultations are at no charge.
Brandon Barnett
Attorney At Law
412-916-1677
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