I had an aunt who died intestate last year. Her oldest sister was named the personal representative of her estate. She contacted me, and made me aware that I was the sole beneficiary of a traditional IRA my aunt left behind. I submitted the proper documentation to the bank, took the lump sum, and paid all applicable taxes. Is she entitled to any of that money being the personal representative of the estate?
2 Answers from Attorneys
No. She may be able to take a fee for operating the estate, but that fee cannot impede on your inheritance.
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No. Titling of assets and/pr beneficiary designations control over the contents of a Last Will & Testament as they are established under a contract. Here you were named a beneficiary and in terms of relationship to the decedent are her nephew. As a result, you take the IRA outside the Maryland ("MD") estate but (because of your relationship) are still subject to MD inheritance tax.
The above answer is provided solely for informational purposes and does not create an implied or expressed attorney-client relationship.