The bank has accepted the will and letters testamentary from the court granting mom executor powers. They transfered most accounts to her except this one, which contains most of my father's assets. The value is about $500k. The vp of the bank is talking to my mom and trying to tell her that she can't touch the account because she wasn't listed as a beneficiary.
This vp has spent the past year talking about how the bank legal team is working with him to decide it was a mistake to leave her off and to get the account converted from an estate ira to a spousal ira. He claims this will have massive tax benefits and he can't legally give her the account any other way.
My opinion is that he's full of shit and wants the account fees. If there was no beneficiary, then the estate has 10 years to distribute the ira. As exechtor, my mom shiuld be able to do this.
I can't think of a single reason in my mom's interest for them to be trying to make this so difficult. I'm looking for insight from the hive mind.
Submitted October 18, 2023 at 10:41PM by crabby-owlbear https://ift.tt/UVafGCF
