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My ex-wife left me $50,000.00 in her will. Most of her money

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My ex-wife left me $50,000.00...
My ex-wife left me $50,000.00 in her will. Most of her money is tied up in IRA's. What is the penalty for withdrawing this money after her death?
Submitted: 1 year ago.Category: Estate Law
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Answered in 3 minutes by:
3/23/2016
Estate Lawyer: Ely, Counselor at Law replied 1 year ago
Ely
Ely, Counselor at Law
Category: Estate Law
Satisfied Customers: 102,687
Experience: Fully licensed attorney in Texas in private practice.
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Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Assuming the gift is valid and recognized, then the IRA would simply be switched into your name. Then the same restrictions apply to withdrawing money yourself as they would her - that is - 59.5 and older can withdraw without penalty. Also, penalties may be waived in scenarios described HERE. But otherwise, the IRA simply is placed in your name instead of hers, and if you withdraw before 59.5 and without any scenarios in the link described, a penalty would be leveled.

I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.

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Estate Lawyer: Ely, Counselor at Law replied 1 year ago
Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question because you never responded or replied positively. I am simply touching base. Let me know. Thanks!
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Ely
Ely
Ely, Counselor at Law
Category: Estate Law
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Experience: Fully licensed attorney in Texas in private practice.

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