Q: There was trust. House and IRA's. Two siblings got IRA's. Two divided house. Quitclaim deed. When one dies?
Do siblings get half or does one get all ownership?
A:
I assume that the siblings received their outright distributions from the trust and that the assets where not continued to be held by the trust.
With the IRAs, the siblings should name a beneficiary to take the inherited IRA that they received upon their passing.
For the house, when one dies it depends on how they hold title to the house. If they hold title as joint tenants, then the survivor would receive it. If they are tenants in common, then there must be a probate action to transfer the deceased sibling's share.
If there are additional facts that are needed, you may have to contact an attorney to help you.
A: Each owner of an IRA gets to choose who the beneficiary is on that account upon the account holder's death. The distribution of the house depends on how they hold title. If in joint tenancy between the siblings then the other would get the entire property upon the first death. If they hold as tenants in common then each 50% would go to their estate upon death.
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