What is the statute of limitations concerning the incorrect designations of beneficiaries on my deceased wife’s IRA?

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What is the statute of limitations concerning the incorrect designations of beneficiaries on my deceased wife’s IRA?

She passed away 2 1/2 years ago. That month my financial adviser told me that both she and I had designated our 3 biological children as beneficiaries on our individual IRAs. However, upon my wife’s terminal diagnosis 7 years ago, I had contacted the adviser to inform him of her illness and ask him if her IRA was in order to be transferred to me upon her death. He told me that yes her IRA would be transferred to me upon receipt of her death certificate, with no tax liability. At the initial time of signing the IRA’s he had mistakenly assigned our children as primary beneficiaries instead of secondary beneficiaries.

Asked on August 10, 2011 Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Statute of limitations vary in each state as to when their running from the accrual of claimed damages occur as to various theories of recovery are.

In your situation, you have potential causes of action for negligence, breach of a fiduciary duty, breach of contract (oral and written) against your financial adviser for poor advice as to improper designations of beneficiaries under your late wife's individual retirement account (IRA).

The issue is when did the damages accrue and when were you on notice or when should you have been on notice of the damages? From what you have stated in your question, under Florida law you could have a claim that any causes of action that you may have against the financial adviser for mistakenly assigning your children as primary beneficiaries instead as secondary beneficiaries under the IRA did not start running until the date you actually found out about the ramifications of this mistake whenever that was,

You should consult with an attorney about this issue sooner rather than later to come up with legal theories for recovery and the start of any statute of limitations issues.

Good luck.

 

 


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