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401k beneficiary vs will

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mar4408

Junior Member
What is the name of your state (only U.S. law)? Florida

To make a long story short. My mom passed away and her will life insurance etc... list her children equal beneficiaries. She has a 401k with a Guaranteed death payout.

She has been divorced for 12 years and her divorce papers had some wording stating the exhusband waived rights to future compensation etc... No one has had contact with him adn we are unable to locate him other than a PO box. We found out he is listed as her beneficiary for 401k (we were all minors when it was signed in 1990).

Based on what I have read we have no rights to the 401k due to her not changing it. My questions are as follows...

How does a company contact a beneficiary? What is considered due effort on thier part?

If the company has not been provided a death certificate will they obtain on their own and disperse money?

Will the 401k portion go to the estae as an "asset" and the death benefit be paid to him?

My exstep father has 100,000 of thousands of dollars in back taxes and child support, would he even see the money?

If we found him could he even waive his right to be a beneficary so that he will was honored?
 


tranquility

Senior Member
My exstep father has 100,000 of thousands of dollars in back taxes and child support, would he even see the money?

If we found him could he even waive his right to be a beneficary so that he will was honored?
He would "see" the money, but the government can take it once it leave the EGTRRA protected account. But, if had taxes and child support owed, he would not be able to waive his rights to the money.
 

nextwife

Senior Member
He would "see" the money, but the government can take it once it leave the EGTRRA protected account. But, if had taxes and child support owed, he would not be able to waive his rights to the money.
Of course if it is mom's estate that is owed the unpaid child support, that money could cycle back to the estate.
 

curb1

Senior Member
Who is listed as beneficiaries on her "life insurance etc...". Have those been paid directly to the beneficiaries yet?

Have you contacted the financial institution about the 401k? You need to be proactive (immediately) about this. Once that money is released you will have a difficult time reeling it in. Run this by an attorney in your area to get a good legal standing.

Is "ex-husband" your father?
 

mar4408

Junior Member
No stepfather was not my father. His child support is for children he had from a previous marriage. We sent our concerns to probate lawyer but have not heard back. The daughters were listed on life insurance policy and have received our disbursement. It sickness me to think of mom reduced to money and legal fees...:( I appreciate the feedback. My hope was the 401k not being process quickly. Since we haven't submitted a death certificate. At least until we catch our breath to see where we stand legally if anywhere.
 

Zigner

Senior Member, Non-Attorney
No stepfather was not my father. His child support is for children he had from a previous marriage. We sent our concerns to probate lawyer but have not heard back. The daughters were listed on life insurance policy and have received our disbursement. It sickness me to think of mom reduced to money and legal fees...:( I appreciate the feedback. My hope was the 401k not being process quickly. Since we haven't submitted a death certificate. At least until we catch our breath to see where we stand legally if anywhere.
Legally, it's not your money.
 

curb1

Senior Member
The real problem here is that it doesn't do well to do estate planning after a person dies. It happens all the time.
 

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