Christopher S. Mulvaney,

Attorney and Counselor-at-Law

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THIS WEBSITE INCLUDES GENERAL INFORMATION & THE OPINIONS OF CHRISTOPHER S. MULVANEY. IT IS INTENDED TO STIMULATE A BASIS FOR QUESTIONS RELATED TO YOUR PARTICULAR FACTUAL CIRCUMSTANCES — BEFORE YOU ACT.  THIS WEBSITE DOES NOT CONSTITUTE LEGAL ADVICE. IF YOU WANT LEGAL ADVICE, PLEASE MAKE A ZOOM APPOINTMENT TO SPEAK WITH ME.

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Gonzaga University School of Law – Spokane, Washington – Class of 2002 – Cum Laude The Latin phrase “Deo patriae, scientiis, artibus” translates to “For God and country through sciences and arts”.  The initials A.M.D.G. on the seal of Gonzaga Law School stand for Ad Majorem Dei Gloriam, which is Latin for “For the Greater Glory of God” the Motto of the Society of Jesus (Jesuits): a Catholic religious order founded by St. Ignatius of Loyola.

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Here is a sample of my Beneficiary Designations from Fidelity.

For a married person, naming children or a trust as a contingent beneficiary of a 401(k) account is crucial because:

• Spousal Priority: While your spouse is typically the primary beneficiary of your 401(k) by default according to federal law (ERISA), it’s important to plan for the possibility that your spouse may pass away before you do, or at the same time.
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• Avoiding Probate: If your primary beneficiary (your spouse) cannot inherit the funds, and you haven’t named a contingent beneficiary, the 401(k) assets may end up in your estate and be subject to probate. Probate is a legal process that can be time-consuming and expensive, potentially delaying the distribution of funds to your heirs.
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• Ensuring Your Wishes are Followed: By naming children or a trust as contingent beneficiaries, you ensure that your 401(k) assets are distributed according to your intentions, even if your spouse isn’t able to inherit.
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• Providing for Minor Children: If you have minor children, they cannot directly inherit retirement accounts. Naming a trust as a contingent beneficiary allows you to establish a trustee to manage and distribute the funds for your children’s benefit until they reach adulthood.
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• Control over Asset Distribution: A trust allows you to control how and when your beneficiaries receive the funds, which can be especially important for minor children, beneficiaries with special needs, or those who may not be financially responsible.
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• Protection for Beneficiaries: A trust can provide protection against creditors, lawsuits, or mismanagement of inherited assets.
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• Tax Efficiency (in some cases): While a non-spouse beneficiary (like a child or a trust) generally has to take the funds out within 10 years of your death, using a trust can sometimes offer strategies to minimize taxes by allowing for more controlled distributions over time.
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• Per Stirpes Designation: You can also use a “per stirpes” designation to ensure that if a contingent beneficiary (like a child) passes away before you, their share will pass to their own heirs, such as your grandchildren.  Writing Per Stirpes No on the Beneficiary Form could disinherit your grandchildren. If you name a Trust, the Trust has the Per Stirpes Designation with a minimum age for receipt such as age 25 instead of age 18.

 

 

In short, naming a contingent beneficiary is an essential step in estate planning to ensure your 401(k) assets are distributed efficiently and according to your wishes, even if the unexpected happens to your primary beneficiary. 

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Washington State residents can meet with me in Zoom/DocuSign from anywhere in the world, and I can notarize their electronic signatures because I am a remote online notary.  Just email me an image of your photo ID.