The Ex-Girlfriend and the 401(k): A Cautionary Estate Planning Tale

Expert Opinion May 09, 2024 at 02:34 PM
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What You Need To Know

  • Clients might assume their retirement accounts will simply pass to the heirs named in their will. Big mistake.
  • A recent court case found that an ex-girlfriend named as a 401(k) beneficiary in 1987 could inherit the account's $754,000 balance.
  • Advisors should work with clients to keep named beneficiaries current on a regular basis.
Robert Bloink and William H. Byrnes

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