Legal Question in Wills and Trusts in New Jersey

Can individual other then spouse inherit 401K Rollover funds

I recently lost my job and rolled my 401K monies into an IRA. In case of death can I name someone other then my spouse as beneficary? When I was employed, I was forced by law to name my spouse as beneficiary needing his written consent for removal. Presently, I do not have a will with or without my spouse. Would preparing a will by myself solve this problem?


Asked on 4/15/98, 6:38 pm

2 Answers from Attorneys
Dale Lundquist (Solo)

Beneficiary of IRA

You can name whomever you want as beneficiary on your IRA but this won't affect a spouse's rights. Spouses cannot be disinherited in NJ and are entitled to at least 1/3 of your 'augmented' estate which would include amounts in your IRA.

Read more
Answered on 5/04/98, 10:33 am
Miriam Jacobson Retired from practice of law

designating 401K rollover beneficiary

Any beneficiary designation or use of rolloever funds from 401K and other pension and profit sharing plans requires consultation with a tax attorney. Although it is possible to prepare your own will, it would be much safer to consult with a probate and trust/tax attorney, to make sure that your will accomplishes the goals you want. Without a will, state intestacy laws will dictate to whom your assets will go.

I urge you to consult with a probate and trust/tax attorney in your local area.

Alsoo with offices at 900 Haddon Avenue, Suite 412, Collingswood NJ 08108; 609-858-7775

This message is not intended to:

* provide legal advice.* create an attorney-client relationship.* be deemed to have my signature.* constitute a confidential communication

Read more
Answered on 5/06/98, 11:54 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in New Jersey