Video Summary
If I name one person as the beneficiary on my 401K account but change my mind and want to designate someone else while writing my Will, will my Will take precedence over the designation of my 401k? The answer is no. A 401K is basically a contract, which has a designated beneficiary on it, and must. And if you’re married, you must name your spouse, and otherwise the provisions of the 401k agreement, our participation agreement, that is drafted or provided to you by your employer, that’s going to control your Will. The Will only controls assets that are just titled in your name alone, so that if there’s a designated beneficiary on a bank account, that’s going to control over your Will. So the assets that are just in your name, are controlled by the Will. All your other assets that have designated beneficiaries are con controlled by contract, so no, your Will will not modify the provisions of your beneficiary of your 401k. If you have any questions, give me a call at (727) 847-2288