QUESTION
Who gets retirement or pension when a parent plans is it the children or new wife?
Asked on Dec 06th, 2012 on Estate Planning - California
14 ANSWERS
The beneficiaries for a retirement or pension plan are normally set by the employee in conjuction with the rules of the plan. The question can only be answered by application to the plan as to who the beneficiaries are as set by the employee.
Answered on Dec 10th, 2012 at 5:14 PM
Divorce & Separation Attorney serving Kalispell, MT
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Matrium Law Group
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A retirement or pension plan is considered a non-probate asset. This means that whoever is listed as the designated beneficiary will receive the retirement or pension plan death benefits, regardless of what the will says.
Answered on Dec 10th, 2012 at 2:58 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It depends on who the parent names as beneficiary. If the account is governed by the Federal ERISA laws, then the wife would need to be the beneficiary, regardless of what the account says, unless she signs off on it. This is something that should not be left to chance. The parent needs to decide what they want and then make it happen.
Answered on Dec 09th, 2012 at 6:43 PM
Usually it's whoever is named as the beneficiary on the account. If no one is named it becomes part of the decedent's estate and is distributed according to the will or the state's laws of intestacy.
Answered on Dec 09th, 2012 at 6:40 PM
Alternative Dispute Resolution Attorney serving Baltimore, MD
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Whiteford, Taylor & Preston L.L.P.
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It depends on whether the plan requires a spouse to consent to a beneficiary designation, and who the participant designated as beneficiary.
Answered on Dec 09th, 2012 at 6:39 PM
It depends on the beneficiary designation, ERISA may require that the wife will inherit.
Answered on Dec 09th, 2012 at 6:29 PM
Thomas Edward Gates
Depends who, if any one, is named the beneficiary. If no one, it goes to the estate.
Answered on Dec 07th, 2012 at 2:10 AM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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A 401(k) goes to the spouse. An IRA goes to the beneficiary.
Answered on Dec 07th, 2012 at 2:06 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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It depends on the beneficiary designation filed with the plan administrator.
Answered on Dec 07th, 2012 at 1:59 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I would need more detail to answer. You should confer with an attorney with the facts and get an answer you can reasonable rely upon.
Answered on Dec 07th, 2012 at 1:51 AM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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The person makes these beneficiary choices and directs the pension company. A spouse has some rights to some pensions which may have to be waived by him or her in order to allow anyone else to be named as beneficiary.
Answered on Dec 07th, 2012 at 1:49 AM
3 Awards
It depends upon who is designated as beneficiary and the language in the plan.
Answered on Dec 07th, 2012 at 1:49 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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The children who are generally the named beneficiaries after a divorce.
Answered on Dec 07th, 2012 at 1:47 AM
Death may cut off both of those plans; you need to read the documents to see what they provide. Otherwise, and if no provision was made to the contrary in the divorce proceedings, the amounts would be part of the assets of the estate and would pass via the normal probate laws. If there is no Will, the wife might get the full amount of the estate. You can read the Nolo Press books on estate law for a layperson's explanation of the process.
Answered on Dec 07th, 2012 at 1:35 AM