Legal Question in Wills and Trusts in California
Beneficiaries
My son passed away. He had a 401k plan at his last job, but he wasn't employed with them at the time of his death.
The employer says he did not have a beneficiary named for his Plan.
He has a son but wasn't married. Is there a legal way for me to request this fund and have it put into a trust fund for my grandson? I fear that his mother will waste no time in spending it and my grandson will not see a penny of it.
Thank you for your assistance.
2 Answers from Attorneys
Re: Beneficiaries
You can ask the probate court to be appointed administrator of the estate and guardian ad litem for the child. The money would go into a "blocked account" that the child could access when he turns 18.
Re: Beneficiaries
In the absence of a designated beneficiary, the assets will be distributed through the estate. How it will be distributed depends upon whether your son had a will or not. If not, it is distributed according to the laws of intestacy. In CA that means his mother's community property share will go to her, then the balance will be split in some proportion between her and his children.
I am so sorry for the loss of your son.
For your own estate planning, I advise you read my short book, Create Your Legacy & Save the American Middle Class. You can find and download the book at www.yourlivinglegacy.info. It's written in plain English for the layman. Good luck.
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