IRA's and beneficiaries?

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IRA - no beneficiary - will left to 3 children - there is a surviving spouse--can IRA's go to estate?

There is a surviving spouse, there is a Personal representative, will was left to 3 children - share and share alike--no beneficiary listed on IRA-was probably taken out while unmarried

Answer 1

The default for an IRA is the estate, but when I signed up for my IRA, I had to choose where the money was going to go. I chose my estate.

Answer 2

If you do not name a beneficiary for your IRA, it will pass to your estate when you die. Two possible situations arises when this happens:

1) If you die without a beneficiary before beginning regular distributions, the money in the account must be disbursed within five years.

2) If you die without a beneficiary after you begin taking distributions, then the account would be paid out through your estate over what would have been your lifespan according to the IRS table.

I would talk to a tax attorney to understand all of the pros and cons of an IRA going to an estate.

Answer 3

If it is just the IRA that was left to the three children in the will, the spouse is probably out of luck, but if she was cut out of everything, most states allow for some sort of spousal recourse. Best to check with an attorney in your area, since they would be familiar with the laws in your particular state. Cost should be minimal, or even free.

Answer 4

I believe it goes directly to the estate if there is no beneficiary.