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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 54018
Experience:  29 years of experience practicing law, including tax and estate planning.
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I am retired. Living on SS and IRA. My wife is the beneficiary.

Customer Question

I am retired. Living on SS and IRA. My wife is the beneficiary. Only my name is ***** ***** IRA. Should I die, will she have access without going through probate? If I add her name with mine is there a difference? If I had to go into a nursing home could the home take all of my IRA without her name on it....any difference if her name is ***** ***** IRA jointly as me.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.
Hi! My name is ***** ***** I look forward to helping you!
You need do nothing. She will not need to go through probate to access the IRA. Certain assets pass outside probate and thus do not require probate. These include the following: i) joint brokerage and bank accounts which vest automatically in the surviving owner upon the death of one owner; ii) real property held as joint tenants or tenants by the entirety, which also vest automatically in the surviving owner upon the death of one owner; and iii) assets with designated beneficiaries other than the estate such as life insurance and retirement accounts. Your IRA falls within the foregoing assets and thus pass to your wife directly outside probate.
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