[WSBAPT] Small Estate w/ Minor and 401(k)

Wed May 5 08:22:12 PDT 2021

401ks usually have beneficiaries, either named by the owner, or default under the plan. It is likely that the spouse is the beneficiary, and despite separation, unless there is a property settlement as part of the separation, may be entitled to simply claim as beneficiary. I would work that angle before trying to send a SEA.

Heather

Heather S. de Vrieze
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of msafren at jennylinglaw.com
Sent: Tuesday, May 4, 2021 5:26 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Small Estate w/ Minor and 401(k)

Hello Colleagues,

I was recently approached by a potential client whose spouse has recently passed away.  The two were separated but not legally divorced and have a minor child together.  The decedent had about $100,000 in assets consisting of bank accounts and 401(K), and a vehicle.  There was no beneficiary designation on any of the accounts and no real property was owned.

Given the relatively small size of the estate and the fact that the estate property is presumed to be community property, I was thinking to advise them to use the Small Estates process, however I had two concerns 1) attempting to access the funds in a 401(K) without letters testamentary even though the RCW 11.62.010 allows such property to be claimed and 2) to the extent that any property is not community property, the minor child's ability to receive the notice and/or agree to allow the "successor" surviving spouse to claim on their behalf.

If anyone has guided or helped a client through such a process, I'd be certainly grateful for your insights and thoughts.

Thank you in advance.

Warmest regards,

Michael S. Safren, Esq.
Attorney at Law

14900 Interurban Ave. S., Ste. 280 | Seattle, WA 98168
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