Will I receive any of a 401K left my Dad's Will even though there was a beneficiary on the 401K?

Question

My dad was a California resident, and died unexpectedly, but he left a handwritten Will leaving 100% of his estate to his four children. He had a surviving spouse, so I'm assuming his estate will only consist of his 50% interest in the community property (which I think pretty much applies to all of it). He also tried to leave 100% of his 401K to his four children, but from what I understand, 401Ks are not generally probated. Will the value of the 401K be shown in probate, effectively giving the children the value of the 401K, or are the kids just out of luck? In other words, will the children receive the value of the 401K money even though the actual 401K is not transferred to them?

Answer 1

I agree with those who say that the 401(k) plan will go to whoever is named as a beneficiary of the plan and will not pass under the terms of the will. Contact the Human Relations Department of his former employer. They can be of assistance.

According to a website of the California Bar Association, your dad has a holographic will: This will must be completely in the decedent's own handwriting. It must be dated and signed. The handwriting has to be legible, and the will must clearly state what the testator is leaving and to whom. It does not have to be notarized or witnessed.

It will be necessary to evaluate your dad's community property. Community property owned with right of survivorship will go to the surviving joint owner and not according to the will.

Answer 2

Not knowing California laws, I will just give an opinion...

If your Dad had a benefieciary on the 401K, then "that person" will get the entire 401K!

It will "not" be split up between anyone, regardless of who is in the will... The 401K is seperate and is designated already.

Now, your Mom should get the entire estate, because she is his benefieciary and most estates are left to the Wife first, then, if the Wife dies, it goes to the kids...

If you dad had his Will "notorized", then it will be legal... Not notorized, it may have some trouble.. Speak to a lawyer about this one...

I wish you well...

Jesse

Answer 3

If the 401(k) had a beneficiary named, it is NEVER part of the estate. If it is not part of the estate, no provision of the will has any effect on the 401(k).
Short answer, if the 401(k) named a beneficiary, that person and that person alone gets the 401(k). If no beneficiary is named, the will controls who gets the 401(k).

Answer 4

If his spouse is the beneficiary of the policy, she will get it. But if you are the beneficiaries, then you will get it.