Law Office of Randy Michel
College Station, TX
979-764-2435 or
Menu Contact
View Our Practice Areas

Retirement accounts and avoiding probate

Many people save all their life so they can one day retire. While saving for retirement is a very good idea, you may have concerns about what will happen to the money when you pass on.

You will name a beneficiary of your retirement account. For most people, this is a spouse or child. This is the person who will receive the money when you pass on.

Here is the question: will money in a retirement account be subject to probate?

Funds in retirement accounts, such as a 401(k) or IRA, do not go through probate when you pass away. The beneficiary that you have named can claim the money without any fear that it should first pass through probate.

When you first open a retirement account, you are asked to name a beneficiary. If this person changes for any reason, such as due to death or divorce, it is important to change the beneficiary information.

If you are married, your spouse may have some rights to your retirement money. So, if you decide to leave your account to somebody else, make sure you are able to do so.

There are many types of assets that are subject to probate when you pass on, but retirement accounts are not among them. All you need to do is name the right beneficiary. This will put your mind at ease, knowing the money will end up in the right hands when you pass away.

If you don't remember who you named as your retirement account beneficiary, now is the time to review the necessary paperwork. It may be time to make a change.

Source: Inc., "Ways to Avoid Probate," accessed Jan. 11, 2016

No Comments

Leave a comment
Comment Information

Our Location

Law Office of Randy Michel
232 Southwest Parkway East
College Station, TX 77840

Phone: 979-314-2965
Phone: 979-764-2435
Fax: 979-764-2436
Map & Directions

EMAIL US FOR A RESPONSE

How Can We Help?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close