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  1. #1
    Join Date
    Feb 2020
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    2

    Default Can I Petition to Changing IRA Beneficiary, if Person Cannot Be Located

    Last Will designated one person as a solo beneficiary of whole estate "whenever located".
    Besides validly executed will, there is handwriting from the deceased explaining why he made this decision: ".... this person, and this person only, took good care of me for the last years of my life..."
    After obtaining LT, bank transferred all the funds to Estate Trust account, except IRA. Banker refused to show original IRA policy. She was just trying to read beneficiary's 1st and last name. That name was written many many years ago in very poor quality handwriting. What is worse, nobody knows who that might be. Even these who had known deceased for years; even whole life. We sent letters to all prospective (but disinherited) heirs, ex-wifes, relatives, all possible and impossible people. No body knows this person. Never heard. No chance to locate this ghost.
    It seems that in three years these funds will go to the state of CA.
    Any chance to petition the court to transfer funds to Estate of deceased person?
    How strong these chances would be, if any?

  2. #2
    Join Date
    Mar 2013
    Posts
    17,919

    Default Re: Can I Petition to Changing IRA Beneficiary, if Person Cannot Be Located

    Who was nominated in the will as executor or representative of the estate?

    It's that person who will have to go to the probate court and be confirmed as representative before any petitioning can be done.

  3. #3
    Join Date
    Nov 2013
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    6,888

    Default Re: Can I Petition to Changing IRA Beneficiary, if Person Cannot Be Located

    Quote Quoting Rom299
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    After obtaining LT, bank transferred all the funds to Estate Trust account, except IRA.
    Quote Quoting adjusterjack
    View Post
    Who was nominated in the will as executor or representative of the estate?

    It's that person who will have to go to the probate court and be confirmed as representative before any petitioning can be done.
    Jack, After obtaining LT (Letters Testamentary ) one can assume that OP is the executor/trix.

    except IRA. Banker refused to show original IRA policy. She was just trying to read beneficiary's 1st and last name
    If the IRA has a designated beneficiary either on the original account or subsequently, that IRA is not part of probate. If the bank can't locate the person or if no one claims to be the person named, that account will escheat to the state .

    You say that the name of the beneficiary was written by hand on the will. Is there someone else named in the will? Have you advertised in the local newspapers that you are looking for the person named?

  4. #4
    Join Date
    Sep 2010
    Posts
    19,668

    Default Re: Can I Petition to Changing IRA Beneficiary, if Person Cannot Be Located

    I think you misunderstood Bud. The beneficiary was not listed on the will, but on some IRA designation. Nothing in a will has any bearing on IRA beneficiaries.

    The problem here is that the bank is being obstinate in locating the beneficiary not allowing people who MIGHT be the beneficiary to examine the form or send it to an independent review.
    Alas, the position of absolutely escheating to the state is incomplete. You can indeed make a petition to the probate court to resolve the issue.

    Poster should have had an attorney for probate issues, they should consult with him/her.

  5. #5
    Join Date
    Jul 2018
    Posts
    2,348

    Default Re: Can I Petition to Changing IRA Beneficiary, if Person Cannot Be Located

    As mentioned at the other site where you posted about this, the executor of the estate should discuss this with his/her attorney.

  6. #6
    Join Date
    Feb 2020
    Posts
    2

    Default Re: Can I Petition to Changing IRA Beneficiary, if Person Cannot Be Located

    Quote Quoting flyingron
    View Post
    I think you misunderstood Bud. The beneficiary was not listed on the will, but on some IRA designation. Nothing in a will has any bearing on IRA beneficiaries.
    Beneficiaries were mentioned on both: IRA and will. Two different persons.
    The problem is .. no body knows who is IRA beneficiary.
    We sent letters to all relatives, Ex-wifes, friends who have know deceased for years (whole life). Never heard... no one of them.

    Will was admitted to probate; and Letters Testamentary was issued.

    IRA beneficiary's name was hand written by the deceased. Very strange last name (first name is the same as deceased name). Even Google does not provide someone with the same last name.
    IRA policy was signed many years ago when deceased just arrived in US.
    May be he did not even understand the nature of the document he was signing; and he put it as John Doe or something....

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