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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 38292
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: 3 months ago.
Category: Legal
Expert:  Ray replied 3 months 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 3 months 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 3 months 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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