Beneficiary Question
Hello,
I have a client (Bob) who had a 401k. He was unmarried and named his sister as the beneficiary. Five years later he got married, but never changed the beneficiary to his new spouse.
Now Bob has died. I know spouses are the default beneficiary of ERISA 401k plans. In this case:
1. Would the sister still be entitled to the assets since she was named as a bene while Bob was unmarried?
2. Or….is the surviving spouse automatically deemed the beneficiary, even though she wasn’t named, and the sister would be disregarded?
Any feedback would be greatly appreciated. Thank you.
Permalink Submitted by Alan - IRA critic on Tue, 2024-02-06 17:12