My sister died, did not leave a will. She had money in a retirement fund. Probate was started and then I found out that I am the only beneficiary on the account. I have two sisters who were named on the probate notice. Where do I stand not that the retirement fund sent me the funds?
Answer
If you are listed as the sole beneficiary on the account, then you are the sole owner.
Contact the Fund and provide a death certificate. They should then be able to transfer it per your instructions and they will have some forms for you to sign.
You should also speak with a CPA about transferring it to avoid tax issues, and you have 60 days from her death to do it to avoid potential tax issues.
Answer
Any time you are named as the sole beneficiary - that does not go into probate but into your pocket only. As to the the other two sisters, each of you will partake in the estate that is remaining such as house, household furnishings, clothing, automobiles, boats, etc. Each getting one-third.
No comments:
Post a Comment