[WSBAPT] IRA without Beneficiary Designation

[Brent Williams-Ruth]

Thank you!!

Brent Williams-Ruth 
Attorney-At-Law

Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC

Office/Scheduling Phone: (425) 830-5134

Direct Mobile: (206) 889-7919

e-mail / website / facebook / 

As of July 1, 2019 - I began operating as the Law Offices of Brent Williams-Ruth a division of BWR Consulting, PLLC. Please note the new points of contact Brent at Williams-RuthLaw.com and www.Williams-RuthLaw.com 


> On Oct 31, 2020, at 8:19 AM, Philip N. Jones <pjones at duffykekel.com> wrote:
> 
>  The financial advisor is correct, in most cases. If the account lacks a beneficiary designation, the default clause of the custodial agreement kicks in, and it usually provides that lacking a beneficiary designation, the account goes to (depending on the agreement) the spouse, or the children, or the estate.  Every agreement is different.  Ask for a copy of your client’s custodial agreement, then study the default clause carefully.  If the default beneficiary is the estate, then the IRA becomes a probate asset.  This is not a question of looking for a statute.  It is a question of reading custodial agreement.
> Phil Jones
> Portland OR
> 
> Philip N. Jones
> Duffy Kekel LLP
> Portland, OR
> pjones at duffykekel.com
> (503) 853-1482 cell
> 
>>> On Oct 31, 2020, at 7:15 AM, Brent Williams-Ruth <brent at williams-ruthlaw.com> wrote:
>>> 
>> 
>> Greetings List - 
>> 
>> I have a prospective client who has an estate less than $100,000 - unless you count a substantial IRA. However, the IRA does not have any beneficiary designations assigned. 
>> 
>> The client called me after talking with their financial advisor who told them that IRA's are not probate assets - EVEN without a beneficiary designation. 
>> 
>> I am unaware of any statute or regulation that provides for this.  Anyone able to assist with a citation?
>> Brent Williams-Ruth  (preferred pronoun: he/him)
>> Attorney-At-Law
>> 
>> Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC
>> 
>> Office/Scheduling Phone: (425) 830-5134
>> 
>> Direct Mobile: (206) 889-7919
>> 
>> e-mail / website / facebook / 
>> 
>> As of July 1, 2019 - I began operating as the Law Offices of Brent Williams-Ruth a division of BWR Consulting, PLLC. Please note the new points of contact Brent at Williams-RuthLaw.com and www.Williams-RuthLaw.com 
>> 
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