Legal Question in Wills and Trusts in Florida

401 k plans

On the 401k plan, if left blank when asked who the beneficary is. Does it go to the surving spouce or dose it get split up between the children and the spouce?

Asked on 7/09/03, 1:17 am

1 Answer from Attorneys

Re: 401 k plans

It would become part of your estate. Your estate would then be divided according to the provisions in your will or according to intestacy statutes if there is no will. In the latter case, the spouse get at least a share the size of which dependends on several factors. In any case, whether or not there is a will, the spouse is entitled to choose to receive the elective share (1/3 of the estate), which may or may not include the 401K depending on what else is in the estate. The best thing to do is to designate a beneficiary for your 401K. Either way, you should have a will carefully drafted that dictates what you want to do with each part of your estate. Hope this helps.

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Answered on 7/09/03, 7:49 am

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