Inheritance Distribution Per Stirpes

Summary

In Tennessee, if a will specifies per stirpes distribution, the inheritance passes directly to the deceased beneficiarys descendants. An IRA annuity is distributed based on the policys designated beneficiaries, not the will. If all beneficiaries disclaim their claim and no contingent beneficiaries exist, the IRA typically defaults to the estate, possibly requiring a lump sum distribution. Beneficiaries inheriting through an estate may face more limitations, such as tax implications and required minimum distributions. To manage IRA distributions and tax implications, a trust can be set up, but the trust must be named as the beneficiary. If the IRA is not yours, you cannot change beneficiary designations. Consult a local attorney for specific guidance.

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I am wondering about an inheritance issue. if it is specified in the will that the inheritance is per streps and the both of the beneficiaries die does the money go straight to the children or through the estate?
In Georgia, if a will specifies that an inheritance is to be distributed "per stirpes" and both beneficiaries die, the share of the deceased beneficiary typically passes directly to their descendants (children), not through the estate.
Does this answer your question, or do you have more details to share?
How about in Tennessee
In Tennessee, similar to Georgia, if a will specifies that an inheritance is to be distributed "per stirpes" and both beneficiaries die, the share of the deceased beneficiary typically passes directly to their descendants (children), not through the estate.
Do you have any other questions or details to share about your situation?
what if it says in the will that it will be distributed to the children if the beneficiary dies, rather than saying per streps specifically?
If the will states that the inheritance will be distributed to the children if the beneficiary dies, rather than using the term "per stirpes," the assets generally go directly to the surviving children of the deceased beneficiary. This avoids passing through the estate.
Is there any specific concern you have about this distribution method?
Can you give links or examples that show this to be the case?
In Georgia, the distribution of inheritance per stirpes is directed by state law and probate rules. Here are some general resources that might help explain this further:
- Georgia Code Title * - Wills, Trusts, and Administration of Estates
- Georgia Probate Court Standard Forms and Fact Sheets: [Georgia Probate Court Website](https://www.gaprobate.gov/)
Is there any other specific aspect of inheritance law you're curious about?
how about links for TN
For information specific to Tennessee inheritance laws, you can refer to the following resources:
- Tennessee Code Title * - Descent and Distribution
- Tennessee Courts: [Tennessee Courts Website](https://www.tncourts.gov/)
Do you have any more specific questions or concerns regarding the inheritance issue in Tennessee?
can you point to a specific page of - Tennessee Code Title * that state the desired information
Unfortunately, I can't directly link to a specific page of the Tennessee Code Title *. Here's how you can find the information:
- Visit the [Tennessee Code Title * - Descent and Distribution](https://www.lexisnexis.com/hottopics/tncode/) website.
- Use the search feature to look for "per stirpes" or specific terms related to inheritance distribution.
Do you have any other questions or need further clarification?
Is an IRA annuity distributed based on the will or based on the beneficiaries of the policy
An IRA annuity is typically distributed based on the beneficiaries designated in the policy, not the will. Here are some key points:
- Primary Beneficiaries: The IRA annuity will go to the individuals named as beneficiaries on the policy.
- Contingent Beneficiaries: If the primary beneficiaries are deceased, the contingent beneficiaries receive the annuity.
- No Beneficiaries: If no beneficiaries are named, the annuity may be distributed according to the will or the estate's default rules.
Is there anything specific you need to know about naming or updating beneficiaries?
what happens if the Primary Beneficiaries all disclaim their IRA annuity claim and there are no contingent beneficiaries
If all primary beneficiaries disclaim their IRA annuity claim and there are no contingent beneficiaries, the IRA annuity typically defaults to the estate of the original account holder. The distribution will then follow the instructions in the will or, if there is no will, Georgia's intestate succession laws.
Is there anything else you need to know about this process?
after it follows the distribution of the will, will the next beneficiaries with the IRA be more limited in their actions with the IRA annuity than the initial beneficiaries
If the IRA annuity follows the distribution of the will, the next beneficiaries (those who inherit through the estate) may have more limitations compared to the initial beneficiaries. Key points include:
- Potential tax implications and required minimum distributions.
- IRAs inherited through an estate may lose the "stretch" options available to directly designated beneficiaries.

Is there a specific aspect of the limitations you're concerned about?
Is it possible they will need to take the amount as a lump sum?
In Georgia, if an IRA annuity is inherited through an estate, the beneficiaries might need to take the amount as a lump sum. This depends on factors like the IRA's terms and tax rules. Consulting a tax professional or estate attorney is advisable.
Do you have any other questions or concerns about this?
my IRA company says that if it goes through the estate it must be taken as a lump sum
It sounds like your IRA company is following specific rules regarding estate distribution. Generally, if an IRA goes through an estate, the beneficiaries may indeed need to take it as a lump sum due to tax regulations and the terms set by the IRA provider.
Do you have any specific concerns or need more details about the tax implications or any other aspect of this situation?
Is it impossible to get the children of the primary beneficiary to be able to get the IRA annuity in a long term payment?
If the IRA annuity defaults to the estate, and the estate distributes the funds to the children as beneficiaries, it is generally difficult to structure long-term payments. However, you could consider:
- Setting up a trust to manage distributions.
- Consulting with a tax advisor or estate attorney for tailored advice.
Do you want to explore trust options or need specifics on tax implications?
Is whether the amount goes to the estate after both disclaim determined by the IRA plan?
Yes, whether the amount goes to the estate after both the primary and contingent beneficiaries disclaim their claims is typically determined by the IRA plan's terms. Each plan may have specific rules about default beneficiaries and how the funds are distributed if all named beneficiaries disclaim their interests.
Do you want information on how to review or update the terms of your IRA plan?
yes how do you review it
Case Rating: *
To review your IRA plan and its terms, follow these steps:
*. Request Documents: Contact your IRA provider to obtain a copy of the IRA plan agreement and any beneficiary designation forms.
*. Review Terms: Carefully read the sections on beneficiary designations, disclaimers, and default distributions.
*. Consult Experts: Consider consulting a financial advisor or estate attorney for a thorough review and tailored advice.
Would you like more information on finding an estate attorney or financial advisor in Georgia?
can you move traditional IRAs from the estate to a trust where you pay taxes as you take it out based on your income bracket?
Yes, you can move a traditional IRA to a trust, but there are specific considerations:
- Trust as Beneficiary: The trust must be named as a beneficiary on the IRA.
- Taxation: Distributions are taxed at the beneficiary's income tax rate.
- Trust Structure: Ensure the trust is structured to allow for distributions over time.
Would you like to know more about setting up this kind of trust?
If the * beneficiaries of a policy disclaimed and it went to an estate and then went to their children. Would the children be able to set up a trust that allowed them to pay the IRAs tax as they took it out at their income level?
Yes, the children can set up a trust to manage IRA distributions and pay taxes at their income level. Key considerations include:
- Naming the Trust: The trust should be named as the beneficiary of the IRA.
- Trust Terms: Ensure the trust terms allow for distributions over time.
- Tax Implications: Consult a tax advisor for specific strategies.
Do you need more details on setting up this type of trust?
What if the beneficiary is already named?
If a beneficiary is already named on an IRA policy, the funds will typically be distributed directly to that beneficiary, bypassing the estate and avoiding probate. This is true regardless of what is specified in the will.
Do you need information on how to update or change the beneficiary designation on your IRA policy?
when you say "The trust should be named as the beneficiary of the IRA" when would that happen
If you want the IRA funds to be managed through a trust to control distributions and tax implications, you would name the trust as the beneficiary of the IRA. This should be done during the initial setup of the IRA or by updating the beneficiary designation with your IRA provider.
Would you like to know more about how to update the beneficiary designation?
What if it is not your IRA
If the IRA is not yours, you generally don't have the authority to make changes to the beneficiary designations or manage the account. Here are a few points to consider:
- Beneficiary's Role: Only the account holder or a legally authorized person (like a power of attorney) can update beneficiary information.
- Consultation: If you are concerned about the management of an IRA that you are set to inherit or are involved with, consult with a financial advisor or an estate attorney.
Is there a specific concern or scenario related to this IRA that you need more information about?