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If primary beneficiary dies?

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M

marty2k

Guest
I live in North Carolina and have a will which leaves everything to my wile if she survives me or if not, everything is divided amoung our 4 children.

My question applies to my IRAs and 401Ks and life insurance policies. All of the above list my wife as my only beneficiary.
If she does not survive me, will the monies from the IRAs 401K and Life insurance default to my will and be divided amoung the children, or do I have to specifically change the IRAs, 401Ks and Life insurance to specify secondary beneficiaries?


Thank you,
Marty
 


ALawyer

Senior Member
I'd suggest that you change the beneficiary forms.

In most cases if your wife were to die first the proceeds and assets in the plans would go to your estate that would have to go thru probate and then go to your kids -- that can complicate matters and add expense.
 
A

advisor10

Guest
AUG. 7, 2001

DEAR MARTY2K:

You really need to do some more checking to insure that your assets will be handled in accordance with your specific wishes after you are gone.

The IRA and 401K Accounts have special beneficiary designation forms in which it would be advisable for you to name a secondary beneficiary, unless you have already discussed with your probate attorney whether it is advisable for them to pass to your estate.

The life insurance technically will not (or should not) even be included as part of a probate asset, so it is doubly important that a secondary beneficiary be named on the life insurance beneficiary designation, so those monies can go directly to the beneficiary without having to wait months through the probate process.

Also ask your probate attorney whether you would need to put some or all of these assets in a trust.

SINCERELY,

[email protected]
 

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