401k beneficiary alteration after destruction?
My sibling recently passed away and the beneficiary of her 401k is her ex-boyfriend. They own not been together for over 5 years, and not varying the name to a relative be a mere oversight. Is there a track to change the beneficiary, or a document out nearby that we can have her ex-boyfriend sign, which would alteration the beneficiary to family? The insurance company have been of no assistance. Thank you for your help!
Answers:
Yes.
He can disclaim the asset. It would then be passed to the subsequent eligible beneficiary (which would most likely be the "subsequent of kin" unless the state intestate laws state otherwise).
No, it's binding, sorry!! The ONLY means of access you can get around that, is if she have a spouse - then the spouse can skirmish to get it, and surrounded by some states, the spouse is the automatic beneficiary.
He can always purely hand the money over to you if he's prepared.
There's not much officially recognized action you can transport here. All you can do is ask the ex-boyfriend politely to hand over the assets. I don't know why you would contact the insurance company roughly speaking 401k plans because they really don't know anything about it.
single way it's possible is if your sibling married after dating the ex or be seperated from husband from long ago but never obtained his signature to replace him as beneficiary beside ex-bf. In that event funds automatically go to spouse. Other after that the beneficiary is binding. Hopefully he will man up and give the funds to the ethnic group.