Trust & Estate Quick Tip #4 - How to Properly Name Beneficiaries on Business and 401(k) Accounts

www.estateandprobatelawyer.com / 954-580-3690

In this tip, Samantha Fitzgerald, Esq. discusses on how to properly name beneficiaries on business and 401(k) accounts.

This is a common question that clients will ask.

Starting off with a business account, you do not need to have a listed designated beneficiary on it because it is owned by an entity. The business account is owned by the actual business whether it is a corporation or limited liability company. The business should be titled in your trust if you have one.

Now for 401(k) accounts, you should have beneficiaries listed on them. If you are married, your 401(k) will automatically go to your spouse as your beneficiary. You are not able to name a beneficiary other than your spouse on your 401(k) accounts.

To get your estate planning documents done properly, contact SJF Law Group by calling our office to schedule your consultation.

At SJF Law Group, we specialize primarily in estate planning, probate, and trust administration with over 26 years of experience.

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