Can my husband’s ex wife receive something upon his passing? Q: My husband of 20 years passed away. His estate is going through probate now. Can his ex-wife be entitled to something? She now claims that she owns all the assets in his IRAs and 401K, totaling $2,000,000. Is this LEGAL? A: Yes. Many people do simple wills before their death and do not seek advice of professional Estate Planning attorney. As a result, they forget about such important assets in their estate as IRAs, 401K(s) and other retirement accounts. Independent of your intentions, such as seeing the assets distributed to your wife and children, custodians of retirement accounts must follow the directions of the beneficiary designation form - even if that means that $2 million of the assets legally go to an ex-wife from 20 years ago. Q: What should I do to make sure the correct beneficiaries inherit all of my estate? A: Consult with an Estate Planning Attorney prior to divorce, marriage, birth of a child and other important life changing event. Many divorce attorneys do not draft separation or divorce documents properly often forgetting about very important assets that by law belong to your current spouse. Such assets are your IRAs, 401(k)s, pension plan accounts and others. If you designate someone other than your spouse to inherit such assets, you need your spouses permission! If you get divorced from that spouse, you must properly remove such spouse from those assets. The most important advice any good attorney can give you - review your estate plan, including your beneficiary designations annually and during important changes in your life. And for once, let the professional handle your estate planning needs!
Posted on: Mon, 17 Nov 2014 20:20:07 +0000
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