Beneficiary

[MsConnie012397]

What is the name of your state (only U.S. law)? Michigan
I recently got married, and want to keep my son as beneficiary on my life insurance. Does my husband have to sign any waiver for this to be legal? Also the same question for my 401K?What is the name of your state (only U.S. law)?

 

[seniorjudge]

How old is the kid?

Who OWNS the life insurance policy?

What did the 401(K) folks tell you you needed?

 

[Dandy Don]

There is no need for a waiver from your husband. All you need to do is report the name change to the insurance company and to the 401K company, and you may also want to attach a certified copy of your marriage license to each letter as proof of the change.

 

[ShyCat]

The beneficiary of a 401(k) is always the spouse, per ERISA, unless the spouse signed a waiver. Your husband will have to sign a waiver for your son to remain the beneficiary.

Not sure about life insurance. Group plan or individual? Seems like one group plan I had did require a spousal waiver, and another did not. Probably plan specific, not something required by any particular law.