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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 36985
Experience:  30 years in civil, probate, real estate, elder law
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I have a client with an inherited IRA and he just passed

Customer Question

i have a client with an inherited IRA and he just passed away. He has no beneficiary designated on the acct. Do i need to open an estate account??
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: Wisconsin
JA: Has anything been filed or reported?
Customer: not yet
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 14 days ago.
Category: Legal
Expert:  Ray replied 14 days ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  Ray replied 14 days ago.

You would have to open probate for him and an estate account as well.The IRA here passes through probate udner the state laws of intestacy to t he nearest living heirs.

Expert:  Ray replied 14 days ago.

Wisconsin laws of intestacy

If you die with:

here’s what happens:

  • children but no spouse
  • children inherit everything
  • spouse but no children
  • spouse inherits everything
  • spouse and children who are all descendants from that spouse
  • spouse inherits everything
  • spouse and at least one child who is not a descendant of that spouse
  • spouse inherits 1/2 of your separate property
  • children inherit your share of the community property, plus 1/2 of your separate property
  • parents but no spouse or children
  • parents inherit everything
  • siblings but no spouse, children, or parents
  • siblings inherit everything

I appreciate the chance to help you today.Thanks again.

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