If I have a 401k that I would like to leave to my 33 year old daughter in my Will, how do I word that and what is the entire process?
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If I have a 401k that I would like to leave to my 33 year old daughter in my Will, how do I word that and what is the entire process?
Asked on February 19, 2012 under Estate Planning, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It sounds as if you are trying to do some estate planning. Unfortunately this is not the best forum to use. Generally speaking, most 401K plans have a beneficiary designation form that may be filled out. That would mean that the money passed to your daughter upon your death with out having to be mentioned in the Will. This can save on estate taxes. But please speak with some one about your entire estate and the law in your State regarding inheritance rights of spouses, etc., as you did not state if your spouse is still alive. Please speak with some one. Do not attempt to do such an important task yourself. Good luck.
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