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Asked 11/5/2009
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Who is entitled to the plan If a person has a 401k savings plan and dies, and has named his children as the beneficiaries; but had a second wife not listed as one of his beneficiaries who is legally entitled to the plan benifits? |
Answer 1/2 - Submitted 11/5/2009
In most states the automatic beneficiary of a 401k is the spouse (i.e., the wife in this case). The only exception is if the wife had signed a notarized statement that releases her right as the beneficiary. You can imagine how often this happens.
So unless the wife has signed such a release, then she is the beneficiary, no matter who the person has named.
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