Am I entitled to direct half of my 401k to someone other than my spouse upon my death? My thought was my spouse would get half and a trust could control the other half allowing my spouse to live on the interest until death. Then someone of my

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Am I entitled to direct half of my 401k to someone other than my spouse upon my death? My thought was my spouse would get half and a trust could control the other half allowing my spouse to live on the interest until death. Then someone of my

My thought was my spouse would get half and a trust could control the other half allowing my spouse to live on the interest until death. Then someone of my choosing would get the proceeds.

Asked on December 23, 2017 under Estate Planning, Texas

Answers:

B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

The answer to your question, is generally, 'yes.'  However, if the plan has express provisions which prohibit this type of transfer, then it may not be possible.  Some plans actually limit who can be designated as a survivor.  To know for sure, you need to first visit with a 401k plan Administrator, and then visit with an attorney to set up a will to obtain those objectives.


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