If I’m a beneficiary of my friend’s 401k, can his family deny me the money?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I’m a beneficiary of my friend’s 401k, can his family deny me the money?
My friend died of a heart attack and he mentioned in a conversation that myself and 2 other friends were beneficiaries of his 401k plan. it was just a verbal from him telling me this that
Asked on August 6, 2018 under Estate Planning, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
I am so sorry for your loss and the situation. If your friend signed a Designation of Beneficiary form with his employer giving you and your toher friends the money in the 401K then it passes "outside" the Will, meaning it comes to you directly. But I would not take that to mean that the family would not fight you for it. Understand, though, that if he did not sign his Will then it was not properly executed under the laws in the state and it is not valid. So everything passes via the state intestacy statute. His brother and sister will inherit everything. Seek legal help and find out from the Plan Administrator if he signed the designation form. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.