Guest yvonne001 Posted April 17, 2003 Posted April 17, 2003 There is a participant in a 401K plan that was divorced in 2002 and changed his beneficiary to his minor son. He is now deceased and I am not sure how to proceed. His ex-wife is the son's mother and I would assume is his legal guardian. They are from California so I'm not sure if I need to look at CA law along with the plan doc.? Any help would be appreciated. The son's only option for the distribution would be cash, correct?
Guest b2kates Posted April 17, 2003 Posted April 17, 2003 Yes, it is an issue of state law as to who is the appropriate payee when the beneficiary is a minor. Sometimes, but rarely, the participant would have named a guardian or trustee in his will and designated that person as the recipient of the death benefit.
david rigby Posted April 17, 2003 Posted April 17, 2003 The attorneys who contribute to these Message Boards will be better informed than I, but assuming anything about guardianship could be hasty. There is a difference between guardianship of the minor and guardianship of the minor's estate. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
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