orangeGrower
Junior Member
What is the name of your state (Arizona)?
I am updating my will, and own an IRA as well as other accounts. I am reluctant to name beneficiaries on my IRA account (POD's) because two of my heirs can't be trusted with a large sum of cash.
Can I pass the IRA through my will where I can exercise a little more control, like naming a trustee for some number of years or specifying that the money must be used to buy an annuity?
Will the IRA pass as an IRA, or will it have to be cashed out with taxes and penalties before it can be paid out of my estate? I have other heirs who can be trusted with a large sum, and I would prefer not to penalize all of them because of constraints I put on two of them.
The solution doesn't have to be perfect. I'm trying to the best I can for the two problem heirs, but if they get around my restraints I will be satisfied that I tried.
I am updating my will, and own an IRA as well as other accounts. I am reluctant to name beneficiaries on my IRA account (POD's) because two of my heirs can't be trusted with a large sum of cash.
Can I pass the IRA through my will where I can exercise a little more control, like naming a trustee for some number of years or specifying that the money must be used to buy an annuity?
Will the IRA pass as an IRA, or will it have to be cashed out with taxes and penalties before it can be paid out of my estate? I have other heirs who can be trusted with a large sum, and I would prefer not to penalize all of them because of constraints I put on two of them.
The solution doesn't have to be perfect. I'm trying to the best I can for the two problem heirs, but if they get around my restraints I will be satisfied that I tried.