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S/O HR-related questions...

KimWardKimWard
2500 Comments
in Pennsylvania-Pittsburgh
I'm going to start a 401K soon. I asked the HR lady about beneficiary designation b/c I want to name my parents as beneficiaries if something should happen to both myself and DH. She said to write a separate letter naming my parents as beneficiaries if something should happen to both of us, include their SS#s, sign it, etc. Does anyone have any suggestions of how to word this? Who should I even address it to? I tried to google "sample beneficiary designation letter" but a bunch of forms and ex. of what I'm not looking for come up. I've never had to do this before, so I am clueless.TIA for any advice- sorry this is a partial P&R, but I'm leaving work in 10 min.
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Re: S/O HR-related questions...

  • morganphdmorganphd
    500 Comments
    edited December 2011
    I'm surprised your 401K doesn't have a secondary beneficiary on it. I have a 403B (nonprofit) and my mom is listed as a secondary beneficiary. She's also there on my life insurance as well.
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  • marbursmarburs
    1000 Comments
    edited December 2011
    that is weird- my 401k has two lines as well. FI and my brother. I would just word it really simply- state what you want. seperate lines for each of your parents, and boom your done.
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  • KimWardKimWard
    2500 Comments
    edited December 2011
    Eff, I just reported Sara's post by accident. My computer's being slow, and I thought I hit post but I must've hit report. Shiiit, please ignore that report Molly (that is, if you're the one who gets it...) Anyway, back to the situation....I can name a beneficiary in addition to DH, but would need him to sign off on it and get it notarized. Not that that is a problem, but my impression is that this would mean both DH and my parents are equally entitled to whatever if I die, which is not what I want. The letter would be naming my parents as beneficiary only if something happened to both DH and I. Hope that makes sense.
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  • morganphdmorganphd
    500 Comments
    edited December 2011
    That is very strange Kim. On every piece of monetary investment that I have, there are two sets of beneficiaries. Writing a letter to place your parents in charge is something happens to you and your DH sounds an awful lot like a will.
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