As the two attorneys comments so clearly indicate, this is an area to which even attorneys disagree. Ms Johnson gives an excellent discussion of the law in this area and the uncertainties in any court battle. It would appear you have a good fighting chance in this matter.
In 2009, Justice Souter of the United States Supreme Court issued a unanimous decision in the case of Kennedy v. Plan Administrator for DuPont Savings and Investment Plan. A dispute had arisen between husband’s estate and his ex-wife over receipt of his Savings and Investment Plan proceeds.
I'm not an expert, but my understanding is that ERISA says the company's plan usually trumps state law. Georgia is not an "automatic revocation by divorce" state, so the beneficiary designation wouldn't automatically disappear under state law, but it may not matter.
Distribution of a 401k would be based upon the policy named beneficiaries. If none, then you will probably have to probate. One other thing, If there is no Will, then your father "naming" you as the Personal Represative will mke no difference. A personal Representative is appointed by the court...
First, you must speak with a CPA as soon as possible. You and your siblings may be facing penalties for late withdrawals, depending upon the plan. A CPA can assist you with the tax implications. As to obtaining the 401 (k) funds, you must contact the plan administrator to discuss the types of withdrawals that beneficiaries are allowed to take. Optimally, the three of you can "stretch" the distributions over your life...
A CPA can assist you with the tax implications. As to obtaining the 401 (k) funds, you must contact the plan administrator to discuss the types of withdrawals that beneficiaries are allowed to take. Optimally, the three of you can "stretch" the distributions over your life... 1 found this answer helpful.