If you are married, federal law says your spouse* is automatically the beneficiary of your 401k or other pension plan, period. You should still fill out the beneficiary form with your spouse’s name, for the record. If you want to name a beneficiary who is someone other than your spouse, your spouse must sign a waiver.

Can my spouse use my 401K if I die?

When a person dies, his or her 401k becomes part of his or her taxable estate. “As the named beneficiary of the plan, you should be able to access the money even while the rest of the estate is in probate,” said Fred Mutter, tax manager at Deloitte and Touche.

Can a spouse be the beneficiary of a 401k plan?

Even if you want your spouse to inherit the account and the process will be automatic, your plan administrator might ask you to complete the beneficiary form just as a formality. If you want to name someone other than your spouse as your beneficiary, your spouse will usually have to sign a spousal waiver agreeing to it.

Who are the primary beneficiaries of a 401k plan?

When you enroll in a 401 (k) plan at work, you’ll often complete a form naming your beneficiaries. You’ll be asked to name at least two people: a primary beneficiary and a contingent (or secondary) beneficiary: Primary beneficiary. Your primary 401 (k) beneficiary is your first choice to receive your retirement assets in the event of your death.

Can a former spouse be a beneficiary of a retirement account?

In other words, the former spouse was treated as if he or she had predeceased the decedent. Based upon this law, Mr. Egelhoff’s children claimed that state law automatically revoked Donna Egelhoff as the beneficiary of the retirement account when their divorce was final.

Can a spouse inherit money from a retirement plan?

Most people name their spouses to inherit the funds in their retirement plan accounts after they die. But even if the spouse wasn’t named as the beneficiary, he or she may still have the right to claim some of the funds.