[WSBAPT] Minors as Beneficiaries of an IRA

[Tom Pixton]

Yes,

This is why we write trusts for underage beneficiaries and direct the IRA
benefits to those trusts.  In your case, Wells will likely have to release
control of the inherited IRA at age 18 - not usually a good plan.

Tom

________________________________________________

Tom Pixton

PIXTON LAW GROUP

5285 Meadows Rd., Ste. 377  |  Lake Oswego, OR 97035

503.968.2020  |  503.624.1929 fax

Tom at PixtonLaw.com

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       Description: naela

 

 

 

From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Mark Reinhardt
Sent: Tuesday, September 04, 2018 4:07 PM
To: 'WSBA Probate & Trust Listserv'
Subject: [WSBAPT] Minors as Beneficiaries of an IRA

 

Dear Listmates,

 

An IRA owner (grandfather) died, listing two minors (grandchildren) as
beneficiaries.  Accordingly, the parents of the minors have reached out to
Wells Fargo, the IRA custodian, to establish inherited IRAs for the minors.
Unfortunately, grandfather did not specify a custodian in his beneficiary
designations.  Wells Fargo is taking the position that the parents need a
Letter of Guardianship specifying that they are the responsible parties for
handling the minors' estates.  

 

Has anyone run into this before?

 

***When responding to this email, please reply all***

 

Kind regards,

LogoMark Reinhardt

Attorney

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