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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.
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