IRA account funds

[mourning dove]

What is the name of your state? california
Is the person who is named as beneificiasy of an IRA account entitled to any money that was taken from the account over the years by the deceased and placed into other accounts? my cousin is claiming that because the money was at one time part of the IRA and is NOW in a mutual fund,that the mutual fund is his too. the mutual fund shows NO beneficiary. does this mutual fund fall under the will and trust of the deceased ?

 

[I AM ALWAYS LIABLE]

What is the name of your state? california
Is the person who is named as beneificiasy of an IRA account entitled to any money that was taken from the account over the years by the deceased and placed into other accounts? my cousin is claiming that because the money was at one time part of the IRA and is NOW in a mutual fund,that the mutual fund is his too. the mutual fund shows NO beneficiary. does this mutual fund fall under the will and trust of the deceased ?

My response:

Then your cousin is on drugs, or just really, really, stupid.

Only the funds LEFT in the IRA account are your cousin's (assuming your cousin is the named beneficiary of THAT account). The money in other funds belong to the Estate and must be probated with the Will.

IAAL

 

[mourning dove]

thank you so much for your thoughts on this..it is really dividing the family. part of us feel ,that once it leaves the IRA it is no longer part of that account (it just makes SENSE!!) and the other half feels that if it was EVER a part of the IRA it should still be counted as such. we have been asked by this cousin to sign a paper saying we will back him up in this..HOWEVER we are part of the trust and stand to lose a lot if this account goes to him. but we want to make sure that we do what is right.