[WSBAPT] IRA without Beneficiary Designation

[Brent Williams-Ruth]

Thank you! I will have the PC request the documents from the company.

*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 <Brent at Williams-RuthLaw.com> / website
<http://www.Williams-RuthLaw.com/> / facebook
<http://www.facebook.com/bwrconsults> /

*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
<http://www.Williams-RuthLaw.com> *


On Sat, 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 <Brent at Williams-RuthLaw.com> / website
> <http://www.Williams-RuthLaw.com/> / facebook
> <http://www.facebook.com/bwrconsults> /
>
> *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
> <http://www.Williams-RuthLaw.com> *
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