Bank may owe no duty to third parties unhappy with an IRA’s beneficiary designation
As discussed in previous posts, the beneficiary designation on an asset presumptively controls its disposition if the account-owner dies. Beneficiary designations are typically used on IRAs, 401Ks, annuities and life insurance policies, but sometimes people choose to place beneficiary designations on their bank accounts, CDs or brokerage accounts. Disputes may arise when the decedent’s...