Who is entitled toa 401 kif no one was named as the beneficiary?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Who is entitled toa 401 kif no one was named as the beneficiary?
401k question My sister’s husband passed away a little over a year ago. After more than 10 years of marriage, he overlooked naming her the beneficiary of his 401K plan which he had prior to his marriage. He has no kids. He has living parents, brother and sisters.
Asked on March 4, 2012 under Estate Planning, Connecticut
Answers:
Steven Fromm / Steven J Fromm & Associates, P.C.
Answered 12 years ago | Contributor
Generally a retirement plan has defualt provisions when no beneficiary is named or the beneficiary and contingent beneficiaries predecease the participant. In such cases the estate is usually the default beneficiaries but not always. You need to have an estates attorney review the summary plan description and/or the actual plan document to get a conclusive answer.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your sister's loss and the situation tht has resulted. What generally happens if there is no designated beneficiary on a retirement plan is that there is a default beneficiary listed: the estate. Did he leave a Will? Then it will govern the distribution. If not then the intestacy statutes will govern. Please seek legal help. 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 AttorneyPages.com 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.