[WSBAPT] Question about IRA beneficiary

Mon Apr 8 16:20:36 PDT 2019

I hope not, at least not barring other information indicating that it was improper.

My sister is a financial advisor and handles our parents' accounts. I would not expect it to be improper or impermissible for her to remain as one of their beneficiaries, any more than me writing their will to include all their children as equal beneficiaries would be impermissible.

Maybe problematic for a more distant relative, someone getting more than an intestate share, but I wouldn't expect there to be a blanket impermissibility.

Heather

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Candace Wilkerson
Sent: Monday, April 08, 2019 3:35 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Question about IRA beneficiary

Hello Listmates,

An elderly individual listed two relatives as his beneficiaries on an IRA.  If one of those two beneficiaries was a financial advisor working with the company that managed the IRA funds at the time he was named one of the beneficiaries of the account, would this, without more, constitute impermissible self-dealing?  The same individual was named as attorney-in-fact for the elderly relative later, but was not the attorney-in-fact at the time of the beneficiary designation.

I'm having trouble finding case law on this.

Thanks in advance.

Candace Wilkerson

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