[WSBAPT] 401K without a beneficiary

[Diane J. Kiepe]

This is absolutely lunacy in my opinion – the contract can (and often does) name a beneficiary where one is named but no, a financial institution doesn’t get to name someone willy nilly.  If you are still dealing with this and want to share a call, let me know.


Diane J. Kiepe
Douglas Eden, P.S.
717 W. Sprague Ave., Suite 1500
Spokane, WA  99201
djkiepe at depdslaw.com<mailto:djkiepe at depdslaw.com>
509-455-5300

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Anna Van Pelt
Sent: Friday, September 29, 2023 1:38 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] 401K without a beneficiary

I'm in a debate with an HR administrator and hoping someone has encountered this before. It's a first for me.

Intestate decedent failed to name any beneficiary on their 401K. They are survived by their spouse and minor child. HR administrator says the financial institution can name a beneficiary if there isn't one; I'm concerned that it needs to go through probate. FWIW there is other separately owned real estate that is also requiring probate.

Has anyone else encountered this?

Thanks,
Anna


Van Pelt Law
(206) 635-7250
www.vanpeltlegal.com<http://www.vanpeltlegal.com>

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