My Father died as a resident of New York State. In his will, he left everything to his second wife, who is not the mother of my sibling and I(Stepmother). He had an IRA acount with no named beneficiaries. Our Stepmother wants us to sign a waiver allowing her to be executor of his will (their lawyer currenty is), and also for her to take over control of his IRA. Are we signing away any rights to inheriting his IRA?
1 Answer from Attorneys
Please accept my condolences on the death of your father.
Yes, by signing the Waiver and Consent you're giving away ("waiving") your rights to contest the will, and agreeing ("consenting") to allow your mom to become executor. I don't know why the lawyer is resigning; that's uncommon, but I'm sure the lawyer has reasons for doing so. Since the IRA had no beneficiaries, it passes to the estate, which is controlled by the Will, I'm sure you know. So yes: if you do not inherit under the Will you're probably out of luck. But I wouldn't just throw in the towel; I think you should see a lawyer and she can examine the will and perhaps file Objections and maybe get the will thrown out.
Once again, please accept my condolences on the loss of your father.