• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

Will My IRA Transfer Through Probate?

March 8, 2021 by Audra Bailey Wilcox Leave a Comment

probate avoidanceFinal wishes stated in a simple will are admitted to probate at your death. However, all asset transfers are not subject to probate.  An IRA is not part of the assets that transfer through probate.

If you have an individual retirement account (IRA) and you name a beneficiary, the beneficiary will assume ownership of your account after presenting a valid original death certificate. That IRA would not be a part of your Probate estate.

Beneficiaries of an IRA must take yearly mandatory minimum distributions.  Additionally, they are forced to take all the assets out of the account within 10 years of the date of your death. The probate court has no involvement in the transfers to the beneficiary.

When it comes to taxation, transfers from a Roth individual retirement account are tax-free, and traditional account distributions are taxable.

Proactive Probate Avoidance

Although probate serves a purpose, there are several negatives to the probate process.

  • Lack of Privacy:  Probate records are available to anyone that is interested. This can be disconcerting in a general sense, and the information can potentially cause hard feelings among heirs.
  • Expenses:  The expenses that accumulate during probate can significantly reduce the value of the estate.
  • Time:  Probate will take eight or nine months at minimum in most jurisdictions.
  • Court Approval:  The court must approve of all asset distributions at the end of the probate case.

A revocable living trust will avoid probate. You don’t have to be concerned about a loss of control, because you would act as the trustee while you are living, and you retain the right revocation.

After your passing, the successor trustee that you name in the document would distribute assets to the beneficiaries outside of probate. You can protect the assets from the beneficiaries’ creditors, and you can provide beneficiaries limited distributions over time.

Learn More About Estate Planning!

Learn more about estate planning!  Come back and visit this blog and all of the other resources on this site.  We frequently update with fresh information.  Also, you can make an appointment with one of our estate planning professionals, free of charge.

Our firm has compiled a robust library of special reports that cover important estate planning and elder care topics. Please feel free to access the reports that interest you.  These reports are offered free of charge.

Head over to our special reports library to access any or all of the reports right now.

Need Help Now?

If you are ready to work with a Fayetteville, Arkansas estate planning attorney to put a plan in place, we are here to help. You can send us a message to request a free consultation appointment or we can be reached by phone at 479-443-0062.

 

  • Author
  • Recent Posts
Audra Bailey Wilcox
Audra Bailey Wilcox
Attorney at Wilcox Attorneys, PA
Audra Bailey Wilcox began practicing law in 1998 after receiving her Bachelor of Arts Degree in Political Science and her Juris Doctor from the University of Arkansas.Audra owned a local title insurance company and at the same time practiced law under the name “A. Bailey Attorney, PA” with offices in Fayetteville, Farmington, and Prairie Grove.In 2018, Audra transitioned her law firm and became known as Wilcox Attorneys, PA.She is very proud of the SBA family and the care and concern her staff has for the clients of the firm. The firm’s areas of practice include real estate transactions, commercial and business law, long term care Medicaid planning, business/farm succession planning, probate, wills, trusts and estate planning.
Audra Bailey Wilcox
Latest posts by Audra Bailey Wilcox (see all)
  • Understanding Undue Influence – Part II - August 19, 2022
  • Understanding Undue Influence – Part I - August 17, 2022
  • Death and Your Digital Footprint - August 15, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.