[WSBAPT] 401K without a beneficiary

[Heather de Vrieze]

Anna,

The 401(k) may or may not be a probate asset. Whether or not the decedent named a beneficiary, most plan documents identify default beneficiaries, and there is no rhyme nor reason to these. I have seen one where the estate was second in line after a spouse, others where the estate was fourth or fifth, after spouse, descendants, parents, siblings. . . so, you need to see the plan document. This will be easier (but not as easy as it should be) with an open probate and Personal Representative.

Heather

Heather S. de Vrieze
Attorney-at-Law
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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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