Icc5
TUG Member
- Joined
- Jun 6, 2005
- Messages
- 1,952
- Reaction score
- 571
- Points
- 474
- Location
- Los Altos, California (Northern Ca.)
Make sure you follow thru as soon as possible. This was a 457 plan but it would also effect 401k's and other similar programs. They cannot go in your Trust so protect your loved ones.
My oldest brother was a bus driver and has a 457 plan. He put his 4 siblings on it years ago. He never listed others like wife's or kids so when he passed it created a real dilemma. Our youngest brother died a year before. The oldest who's account this was passes this past July.
When we went to check his account the total gets divided between the 3 of us remaining. His wife and kids get nothing because they were not listed. We will find a way with other funds to equal everything out but it becomes hard this this account was a taxable one.
Another account the court has to have a petition to the court to be put into his trust so we can keep it out of probate since he put no beneficiaries on it.
If you care about family please take the steps now to make it easier on them later.
Bart
My oldest brother was a bus driver and has a 457 plan. He put his 4 siblings on it years ago. He never listed others like wife's or kids so when he passed it created a real dilemma. Our youngest brother died a year before. The oldest who's account this was passes this past July.
When we went to check his account the total gets divided between the 3 of us remaining. His wife and kids get nothing because they were not listed. We will find a way with other funds to equal everything out but it becomes hard this this account was a taxable one.
Another account the court has to have a petition to the court to be put into his trust so we can keep it out of probate since he put no beneficiaries on it.
If you care about family please take the steps now to make it easier on them later.
Bart