Are IRA’s and joint bank accounts (shared with the spouse) considered as part of an estate?

Asked on June 16, 2014 under Estate Planning, New York


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

If the IRA has a designated beneficiary (some one listed to receive the asset upon the death of the owner) then no, it is not part of that person's estate.  Joint accounts with a spouse have what is known as right of survivorship status so that would pass to the spouse at the death of the other spouse and not be considered part of the decedent's estate. Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.