Beneficiaries
Updated 2 months ago
by
Richard Phillips, EA, AIFA, CPC, CPFA, QPA, QKA
If you have a plan participant that is deceased, their account is typically awarded to their beneficiary that they designated. Beneficiaries can be anyone of the participant's choosing, but there are some special rules for participants that are married.
If a participant is married and chooses to designate someone other than their spouse as their primary beneficiary, the participant will need to complete a paper beneficiary form and their spouse will need to sign the form to waive their right to the account. The form will also need to be notarized.
If the participant is not married, they can designate anyone they would like using our website or a form. It is recommended to keep all completed beneficiary forms on file.
If a participant is deceased and did not designate a beneficiary, their account will typically be awarded through the probate court process.
