What to do if a 401K beneficiary change was not received before death?

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What to do if a 401K beneficiary change was not received before death?

The financial adviser discussed a change of beneficiary on the 401K plan with my son-in-law, so he mailed the form to him with the changes typed in and highlighted the signature line. However, my SIL passed away suddenly and the forms were not signed and returned before his death. Can this be contested since the financial adviser knew his “intent” ? The financial advisor also has his notes about the discussion. His youngest daughter was to be added as a beneficiary and is the only 1 of 4 minor children not included on the previous forms on file.

Asked on June 11, 2012 under Estate Planning, Minnesota

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Unfortunately, the 401k designated beneficiary with respect to your deceased son-in-law remains as it presently is written despite the fact that the financial advisor and others knew that your son-on-law intended to change the beneficiary status of this account.

Under the laws of all states in this country, the designation remains what it is where the youngest daugter was not able to be included due to his untimely death.


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