[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/your-last-will-and-testament-is-not-the-final-word-on-your-ira-greenwich-ct-white-plains-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/your-last-will-and-testament-is-not-the-final-word-on-your-ira-greenwich-ct-white-plains-ny\/","headline":"Your Last Will And Testament Is NOT The Final Word On Your IRA","name":"Your Last Will And Testament Is NOT The Final Word On Your IRA","description":"The only time your Will would control who gets your IRA is if your estate is the beneficiary. Generally, it\u2019s not a good idea to name your estate as the beneficiary of your IRA. Even though you made sure to prepare your Last Will and Testament, it is not always the final word on the […]","datePublished":"2013-08-06","dateModified":"2023-08-12","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01901e95c05c.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01901e95c05c.jpg","height":750,"width":1050},"url":"https:\/\/www.amorusolaw.com\/blog\/your-last-will-and-testament-is-not-the-final-word-on-your-ira-greenwich-ct-white-plains-ny\/","about":["Estate Planning","Family Business","Inheritance","Probate","Retirement","Succession Planning"],"wordCount":272,"articleBody":"The only time your Will would control who gets your IRA is if your estate is the beneficiary. Generally, it\u2019s not a good idea to name your estate as the beneficiary of your IRA.Even though you made sure to prepare your Last Will and Testament, it is not always the final word on the distribution of your assets. Take for example your IRA. An IRA will be directed by the common beneficiary form \u2013 of which you may have completed without thinking through the potential outcome.Warning: do not designate your \u201cestate\u201d as the beneficiary of your IRA. This severely limits the distribution (and taxation) options available to your heirs. This matter was explored in a recent article in The Slott Report titled \u201cIRAs and Wills Don\u2019t Mix.\u201dWhile your \u201cestate\u201d can be the beneficiary of your IRA and your Will thereafter determines the distribution of the retirement funds, this might not be best idea tax-wise. IRAs are very specific and peculiar assets with very specific inheritance rules. If your \u201cestate\u201d is the beneficiary of your IRA, then very \u201cunfavorable\u201d withdrawal rules apply. Instead of the IRA being withdrawn over the life expectancy of the beneficiary (typically younger than the plan owner), the funds must be withdrawn within five years or perhaps over your remaining life expectancy. Yes, this can get rather complicated.Make sure you consult with competent legal counsel when coordinating the distributions from your Last Will and from your IRA.Reference: The Slott Report (July 29, 2013) \u201cIRAs and Wills Don\u2019t Mix\u201dFor more information on asset protection planning, please visit my estate planning and elder law website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Your Last Will And Testament Is NOT The Final Word On Your IRA","item":"https:\/\/www.amorusolaw.com\/blog\/your-last-will-and-testament-is-not-the-final-word-on-your-ira-greenwich-ct-white-plains-ny\/#breadcrumbitem"}]}]