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Ray, Lawyer
Category: Legal
Satisfied Customers: 36331
Experience:  30 years in civil, probate, real estate, elder law
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My father and I and my wife all went down to his credit union

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My father and I and my wife all went down to his credit union which he had an IRA and a checking and savings account. He told the clerk that he wanted all of his accounts changed to have me be the beneficary for everything. My father passed away a few weeks ago and I went to the bank to collect the money from his accounts. I was able to get everything out except the IRA because the clerk had not changed the benificary for it. Now I am out $50,000. I went down there today to see what they are going to do about it and they said nothening. The clerk admitted to me and her boss that she had made an over site. What should I do.
Submitted: 6 years ago.
Category: Legal
Expert:  Ray replied 6 years ago.
Thanks for your question.IRA here passes by law to the heirs of will or under laws of intestacy.You may try to sue bank for their error as well if you choose.Since no beneficiary in writing it would need to pass through probate either by will or intestacy laws to heirs at law.I am sorry and you may have good civil claim against bank separate from the probate issues.

Intestacy laws--if there is no will

Edited by RayAnswers on 10/1/2010 at 3:34 AM EST
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