Can a person without a spouse list a minor child as a beneficiary of their 401(k) account?

Answer 1

You can designate anyone as a beneficiary.

Answer 2

That's a question you need to ask your benefits department. Companies can have different restrictions and requirements from other companies.

If the answer is no, look and see if you can put your 401k into a living trust then you can designate your child as beneficiary.

Answer 3

Definitely, but you might want to consider, unless the child is almost an adult, who you want to actually manage the money and control it if you were to pass away. You should consider setting up a trust for your child's benefit. Without a trust, courts are required to appoint a guardian to handle the affairs of a minor. It can get messy and expensive.

Answer 4

Do as I did, just put "My Estate". Then if you have a will, whoever is your executor will handle that and most likely give it to your child.

You might also want to check into the law, because I read something online that if you have a minor child and you die, the custodian of that child will get your money. That could be an ex-husband or boyfriend.

Answer 5

Absolutely. As long as the beneficiary has a social security number it can be anyone.

Answer 6

Nope....My fathers 401 k had to be in his friends name in case anything happened while we were minors...

Answer 7

yes