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Asked 4/5/2010
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If I made 2 kids beneficiary on my 401 K. Then made a will leaving everything to one. Will both still get the 401 K I put a step chld and my only child 50% each of 401 K beneficiaries when I retired.
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Answer 1/1 - Submitted 12/3/2010
401(k) money isn't passed through your will. It passes solely through the beneficiary designation on the account. You need to notify the 401(k) holder to change beneficiaries.
I have seen other folks leave people out of their will, but provide them some income via a 401(k) plan. Hopefully you and the beneficiaries both understand that this type of "inheritance" is subject to income tax (unlike most of what passes through a will).
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