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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The use of email or this form for communication with MULVANEY LAW OFFICE, PLLC does not establish an Attorney-Client Relationship. If you don’t think I have responded, please check your spam folder. Time-sensitive information should not be sent through this Form or through email. Sensitive information can be uploaded to an encrypted Dropbox folder in your client file. Google Review Link Yelp Review Link

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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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You should avoid naming your estate as the beneficiary of your 401(k) in Washington State due to potential drawbacks and negative consequences. NEVER NAME THE ESTATE AS A BENEFICIARY; IT DEFEATS THE PURPOSE OF THE BENEFICIARY DESIGATION WHICH IS TO AVOID PROBATE.

Here’s why:

• Probate: If your estate is the beneficiary, the 401(k) assets must go through the lengthy and potentially expensive probate process. This delays the distribution of funds to your intended heirs.
• Loss of Tax Benefits: Naming your estate as the beneficiary may eliminate opportunities for tax-deferred growth. Individual beneficiaries may have options to stretch out distributions over several years, potentially minimizing their tax liabilities. Estates, in contrast, often have rigid rules regarding distribution timelines.
• Creditor Claims: While 401(k) assets are typically protected from creditors, naming your estate as the beneficiary can expose these funds to creditor claims, diminishing the amount ultimately received by your heirs.
• Lack of Flexibility: Individual beneficiaries have more flexibility in managing inherited retirement funds, such as strategic withdrawals or rollovers. Estates have less flexibility and must follow stricter distribution rules.
• Potential for Complications: Naming your estate as beneficiary can create unnecessary complications and potentially lead to the funds being used to pay off debts or trust administration costs, if a trust is named as the beneficiary. 

In short, designating individual beneficiaries for your 401(k) generally offers a smoother, faster, and more tax-efficient transfer of assets after your passing, avoiding probate and potentially maximizing the benefit for your loved ones. 

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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.