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    Bimp5's Avatar
    Bimp5 Posts: 11, Reputation: 1
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    #1

    Mar 12, 2008, 12:48 PM
    Father died without a will or beneficiaries listed on IRA
    Greetings All,

    I live in Florida and my father passed away a little over a month ago. He did not have a will. He was divorced and left behind an ex wife and 3 children. While reviewing his taxes and payroll stubs, we discovered that he had an Easy IRA. I tried to contact the person who handled his IRA but was told that they could not give me any information unless they had a court order. So we don't know if there is a beneficiary listed, how much it is or what options we have. My question is this: If there is no will how would me and my 2 sisters get access to those funds? Also for the sake of argument let's say there is no beneficiary on the IRA. None of us knew he had opened this up. Any help or info anyone has would be greatly appreciated.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    Mar 12, 2008, 01:00 PM
    If there is no will, an heir can apply to be his administrator in the probate court in the county where he resided. The court will award the administrator with the proper paperwork to locate any assets.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #3

    Mar 12, 2008, 03:32 PM
    Quote Originally Posted by Bimp5
    Greetings All,

    I live in Florida and my father passed away a little over a month ago. He did not have a will. He was divorced and left behind an ex wife and 3 children. While reviewing his taxes and payroll stubs, we discovered that he had an Easy IRA. I tried to contact the person who handled his IRA but was told that they could not give me any information unless they had a court order. So we don't know if there is a beneficiary listed, how much it is or what options we have. My question is this: If there is no will how would me and my 2 sisters get access to those funds? Also for the sake of argument let's say there is no beneficiary on the IRA. None of us knew he had opened this up. Any help or info anyone has would be greatly appreciated.

    If they won't give you info on the IRA after being given the death certificate you can be sure you are not the direct beneficiary because legally they can only communicate with that person. Doesn't mean someone else is the beneficiary; just means that you are not. The beneficiary may be the estate - if there is no will and no beneficiary named.

    Someone has to file for probate and then a determination of assets and expenses will be made and those entitled by law to inherit will.

    An Executor/Executrix will be appointed.

    (I am speaking of NYS law but assume Florida is similar.)
    Bimp5's Avatar
    Bimp5 Posts: 11, Reputation: 1
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    #4

    Mar 13, 2008, 10:19 AM
    Quote Originally Posted by George_1950
    If there is no will, an heir can apply to be his administrator in the probate court in the county where he resided. The court will award the administrator with the proper paperwork to locate any assets.

    Thanks for the reply! Do you or anyone else know if there are any fees involved with going through the Probate process? Can it be done without a lawyer? If so what is a ballpark figure for going through a lawyer and doing it myself?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #5

    Mar 13, 2008, 10:27 AM
    Quote Originally Posted by Bimp5
    Thanks for the reply! Do you or anyone else know if there are any fees involved with going through the Probate process? Can it be done without a lawyer? If so what is a ballpark figure for going through a lawyer and doing it myself?

    I wouldn't advise the process without an Attorney - it's usually a percentage of the estate with a minimum in place. It's also complicated in most cases.

    There's a lot involved, including estate taxes and tax returns.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #6

    Mar 13, 2008, 10:56 AM
    You are right, Judy; I have to spread it around, so let us all reflect upon the saying, an ounce of prevention is worth a pound of cure.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #7

    Mar 13, 2008, 11:41 AM
    Shop around with estate attorneys. I believe the fee for a simple probate would be in the $1500-$2500 range.
    Bimp5's Avatar
    Bimp5 Posts: 11, Reputation: 1
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    #8

    Mar 13, 2008, 02:36 PM
    Does anyone know if the lawyers require any money up front or would they take it out of the proceeds of my father's IRA?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #9

    Mar 13, 2008, 03:10 PM
    Send them a copy of the death certificate and ask them to notifiy the estate or the benificiary on the IRA..

    Also if this was done though his work, the HR there may know.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #10

    Mar 13, 2008, 04:01 PM
    Quote Originally Posted by Bimp5
    Does anyone know if the lawyers require any money up front or would they take it out of the proceeds of my father's IRA?

    They should be willing to take his fee out of the proceeds but not the filing fees which you will probably have to pay up front and those vary by State.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #11

    Mar 13, 2008, 04:03 PM
    Quote Originally Posted by Fr_Chuck
    Send them a copy of the death certificate and ask them to notifiy the estate or the benificiary on the IRA..

    Also if this was done though his work, the HR there may know.

    Right, if there is a named beneficiary they would forward the papers to that person; however, if there is no named beneficiary and this is an estate matter it would be a problem because at the moment there is no estate - at least not in NYS - and they cannot release the proceeds anyway until they are sure that the estate taxes will be paid.

    HR may know but shouldn't tell you but you could always give it a try.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #12

    Mar 13, 2008, 06:07 PM
    They may require some upfront retainer, but should work out payments with you.
    Bimp5's Avatar
    Bimp5 Posts: 11, Reputation: 1
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    #13

    Mar 14, 2008, 07:12 AM
    Thanks Everyone For The Advice!
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