Q&A I want to keep things simple. Can I leave my 401K to my kids and our house to my wife?

Ali Katz

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QUESTION

Q: I want to keep things simple. Can I leave my 401K to my kids and our house to my wife?

— Clean and Simple

 

ANSWER

A: Dear Clean and Simple,

By law, your spouse is entitled to 50% of your 401K, even if they aren't a named beneficiary. If you want to change this, your spouse will need to sign a Spousal Waiver or you’ll need to rollover your 401K into an IRA.