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.

CONTACT CHRISTOPHER S. MULVANEY FORM

DISCLAIMER:

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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“To be a successful contingency attorney requires three things: 1). Accept only good cases; 2). Settle the good cases; and 3). Try the rest.”

– Gary Vert

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SAMPLE BENEFICIARY DESIGNATION

SCREEN PRINT

Attached is a sample Beneficiary Designation Screen Print from my three accounts at Fidelity.

If you are single, you can name whomever you wish as beneficiary of your 401(k) account. It is completely fine to name your adult children as equal primary beneficiaries and your Trust as secondary beneficiary in case you have a predeceased child and your gift is going to your grandchildren. You should get a Spousal Consent Form signed so you can keep giving your Separate Property to your children.

If you are married, you can’t name anyone other than your spouse as 100% primary beneficiary (of the whole balance including everything you had before marriage) without your spouse’s written consent. Below is an example Spousal Consent Form from Fidelity.

For example, if you have already named your adult children as Primary Beneficiaries of your 401(k) and you get married, that designation is not valid without your spouse’s written consent. If you died, your surviving spouse would get the Spousal Consent form in the mail. If they signed, your kids would get the money. If they didn’t sign, your surviving spouse and your adult children could be in for years of litigation and tens of thousands of dollars in attorney’s fees. I had a client to whom this happened. When the wife died, he was not happy with how his step-daughters treated their mother during her illness and didn’t think they deserved the money.

He said: “I will not sign; sue me.”

And they did.

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GET THE SPOUSAL CONSENT FORM SIGNED BEFORE YOU GET MARRIED,

BUT SUBMIT IT AFTER YOU GET MARRIED

I suggest getting the Consent Form signed as part of Prenuptial Agreement negotiations so that you can name your Separate Property Trust as Primary Beneficiary and call out the separate property value of your 401(k) on the date of marriage which you are giving to your kids and everything above that which is the community property interest which you are giving to your surviving spouse.

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If your children are adults, you could name them directly as Primary Beneficiaries for a percentage and your surviving spouse for a percentage. The most common way I have seen this done is to name the surviving spouse for 50% and the kids sharing the other 50% equally or sharing equally among the surviving spouse and adult children.

If your children are minors, you should not name them directly as beneficiaries of your 401(k) because if you pass away untimely when your children are still minors, your children will get their whole inheritance on their 18th birthday. Most people don’t think this is a good idea, especially for sons.

I had a client whose parents died suddenly when he was 19 years old.

They did not have a Trust.

What did he buy?

A red Ferrari.

He drove 250 miles an hour on the freeway, and almost killed himself. Now that he is over 50 he wishes he would have put that money down on a house, and enjoyed tremendous appreciation, instead of the steep depreciation he suffered on the car.

The $300,000 Ferrari depreciated about 20% after 3 years taking the value to $240,000.

A house may have appreciated 10% per year compounded for that same 3 years, which would have been $396,200.

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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.

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