Things You'll Need:
- A 401(k) beneficiary form
- A tax attorney or financial planner
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Step 1
Complete a new form after a major life event such as those listed in the introduction. If you can't remember when you last completed a form or who the beneficiary is, complete a new one.
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Step 2
Request a new form from your employer. You should be able to do this on-line if your plan has Web access. Look for the forms section on the Web site.
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Step 3
Follow the instructions to complete the new form. If you are married, even if you are separated, your spouse is automatically your beneficiary according to federal law, unless they sign a waiver. The waiver may be on the same form or a separate form. Check to see if the waiver has to be notarized before it can be accepted.
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Step 4
Before designating a child as a beneficiary make sure that your plan will make a distribution to minors.
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Step 5
When you designate more than one beneficiary make it clear how the funds will be split; who gets what percentage or whether one beneficiary is primary and others contingent. A contingent beneficiary will receive the funds in the event that the primary beneficiary is dead when the distribution is made.
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Step 6
Make a copy of the new beneficiary form and keep it with your 401(k) paperwork. There is no reason to keep copies of previous beneficiary forms.













