Say old person dies. but before she dies she drew up a will saying that his bro will get the 401k.
BUT!!!
the 401k states that this dime piece is the beneficiary.
who gets the account? is it worth it to lawyer up and sue!
Sounds like one of them tricky Level III AM session questions.
Who’s this “he” with the bro?
I am pretty sure the person who dies (the dier? dyer? S2000, help please) needs to have the spouse sign a contract to bequeath the 401k to another person.
What’s this for? Bitcoin guy making his prenup? He doesn’t seem like the type of person to have a 401k, just saying.
he/she/it is a hermaprohodite. so who wins? updated will stating that a person gets the 401k or the 401k beneficiary.
bitcoin has never worked a day in his life, so no 401k for that dude. lol quick update on him. so he wants 36yo gold digger back but doesnt want to beg. he has a second date with this 23 yo chick i hooked up with a few years ago. shes fire.
anyways from my 5 min of research. it looks like beneficiary wins against an updated will. but can the person with the updated will sue for money. what are odds of succcess!
You should probably ask a lawyer, but I doubt that the will supersedes spousal rights here.
More importantly, what do you mean that bitcoin guy wants gold digger back? Last update, you said he was proposing. You are not keeping us up to date. Come on I paid money.
gold digger rejected. he is trying to move on with other girls. but he only wants hot girls. hot girls are rejecting him. doesnt want to settle for a mediocre rebound. currently trying to lose weight and has lost 10 lbs. wants me to hook up with my sister or my gf sister. i tried. neither is down. women amirite, and their high expectations! im telling them this dude is money bags.
anyways i do know about that spousal shit. say i am a single dude with a 401k and have my momma as my beneficiary. if i get married, does the 401k beneficiary automatically become my wife. cuz i dont want that!
if anything i want my kid or my momma to have it to spend it for my kids.
Ohai is correct that if the person is married, the spouse must sign off to give up their status as primary beneficiary. If there is no spouse, the listed beneficiary overrides the will.
http://www.401khelpcenter.com/401k_education/connor_beneficiary_designations.html#.XG7xq6JKiUk
If you’re too lazy to click:
The Spouse Is the Automatic Beneficiary for Married People
A federal law, the Employee Retirement Income Security Act (ERISA), governs most pensions and retirement accounts. Under ERISA, if the owner of a retirement account is married when he or she dies, his or her spouse is automatically entitled to receive 50 percent of the money, regardless of what the beneficiary designation says.
If another person is the designated beneficiary, the spouse will receive 50 percent of the assets and the designated beneficiary will receive the other 50 percent. A spouse always receives half the assets of an ERISA-governed account unless he or she has completed a Spousal Waiver and another person or entity (such as an estate or trust) is listed as a beneficiary.
A spouse can forgo his or her right to 50 percent of the account by properly executing a Spousal Waiver. However, generally a Spousal Waiver is not permissible under ERISA unless the spouse is at least 35 years old, depending on the type of retirement plan.
These rules can cause problems when the owner of a retirement account remarries. Often, the owner will change his or her beneficiary designation upon divorce and name the children as the designated beneficiaries. If the owner later remarries, though, 50 percent of the retirement assets will go to the new spouse instead of the children, even if the new spouse is not added as a beneficiary.
Beneficiary Designation Trumps Will
If the owner of a 401k is single when he or she dies, the assets go to the designated beneficiary, no matter what his or her will states. In addition, the assets will be distributed to the designated beneficiary regardless of any other agreements – even court orders.
For example, assume a man’s wife is the designated beneficiary of his 401k. The couple gets divorced and the man does not change his beneficiary designation, but the woman waives her right to receive any retirement assets as part of the divorce agreement. If the man dies without changing his beneficiary designation and without remarrying, his former wife will still receive the retirement assets, even though the divorce decrees declares that she should not.
holy fracking shit.
They are done tricking us I though?
no trick can fool me. i know a lot about them hoes
This is correct. Beneficiary designations are the ultimate Trump!!! (pun intended) Except for what Sweep said WRT spouses in an ERISA plan.
Yeah, you can hire a lawyer and challenge it, but I’ve never heard of a successful challenge. Basically, you need to prove that the deceased (that’s the word you were looking for) was victim of fraud or undue distress, or that the beneficiary designation was forged. If the deceased merely forgot to change the beneficiary designation, I seriously doubt you’ll have any luck in court.
Something doesn’t check out here. If she is really a gold digger, then why didn’t she lock in bitcoin guy when he was prepared to commit? We are only receiving one side of the story. Perhaps gold digger is trying to escape from a dead end relationship with some deadbeat, but he repeatedly stalks here and exploits her financial and emotional condition. Didn’t she even move to a different city, but he followed her there? Really need her to join this website so she can tell her side of the story.
John Hunter died in 2005. He had retired from Marathon Oil, where he was a participant in the company pension plan, which let him name a primary and secondary beneficiary. Hunter designated his wife as the primary beneficiary but didn’t designate any secondary or “contingent” beneficiary. After his wife died, he didn’t update the document to add a new primary beneficiary. Under the plan’s terms, when a participant died without designating a valid beneficiary, the deceased participant’s benefits were distributed in the following order of priority: (1) surviving spouse, (2) surviving children, (3) surviving parents, (4) surviving brothers and sisters (siblings), and finally (5) participant’s estate.
After he died, the plan administrator rejected the claim that Hunter’s two stepsons would qualify as “children” who’d be entitled to all the benefits. Instead, the plan administrator distributed the benefits of more than $300,000 to Hunter’s six siblings.
The stepsons sued for the benefits, claiming that they were, in fact, Hunter’s children because, by his actions, he’d “equitably adopted” them. The evidence seemed to indicate that he probably did mean to leave his benefits to the stepsons, so the trial court concluded that the plan administrator abused her discretion by failing to consider the stepsons’ equitable adoption claim. But the plan administrator appealed to the Fifth Circuit.
The Fifth Circuit agreed with the administrator’s interpretation that the term “children,” and for purposes of the plan, it meant biological or legally adopted children as opposed to un-adopted stepchildren. The District Court’s decision was reversed, and Hunter’s pension benefits went to his six siblings
2 things. 1 my friend lost 700k worth of bitcoin. 2. the parents have an iron grip on my friends money. literally the parents stopped giving him money so he had to start selling bitcoin to fund his lifestyle and asked her to pay for stuff. she was not down for that shit, so she left, and never gave him back the ring.
anyways my friend said that he sent her a last email, and she responded with soem cold hard truth. she essentially said that its because hes not a man. he doesnt have any survival skills. hes never had a job. etc etc. he actually said he was suicidal for a bit. but having rich parents saved him. xcuz the parents gave him banquet hall money, so he is netting 80k again. i think he gets 20% of profit.
quite honestly i think gold digger made the right decision. my friend wont inherit control anytime soon. the mom’s like 50. also the minute his parents find out hes with her again, they’d cut him off again. and gold digger would have to pay. also in addition, shes 35 right now, she like in heavy decline right now. she already looks a bit old w/o make up right now. imagine what it’ll be in another 5/10 years. imo, my friend would leave her eventually and with nothing! teh parents want heirs. and i dont think she can produce. (she did an operation, but it can be revered for like 5k. or something like that)
thats awesome. money should always stay with blood relatives. thanks for the wonderful story!
[original post removed]
Lo siento, amigos!! There was supposed to be another “Ay, mijo!” meme for Nerdy in the above post. 
It’s really a tough life. One day, you’re a successful pron fortune heir, self made off of your parents’ money, and the next, you lose $700k on your stable crypto asset investment, your projected $250k/year party venue referral income is down 70%, and you’re dumped by your possible-stripper future baby mama who is 15 years younger than your mom. It’s no wonder that millennials are having such a hard time in life against such sizable odds.
the issue is nobody is booking other days besides friday and saturday! at around 5k a pop. place is gorssing half a mil. they own the building outright so costs are minimal, security and clean up is by min wage workers. so margins are like 80%. and he gets roughly 20% of profits so around 80k net.
there are ways for him to grow rev.
1.he can easily raise price, i think comps are around 6k to 8k, and he is pretty much booked for 4 mos of year. so demand is high
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cut the events to 5 hrs instead of whole day events. make money by squeezing people into 2 or 3 events in 1 day at a 20% discount. he can prolyl make bank, but hed have to hire more people.
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he is also consdiering turning it to something else during the weekdays as oppose to a venue. restaurant or something. lol itd be awesome if he turned it to a club. bottle service everytime!
lol also its harder to go from rich to poor than to just always be poor. cuz when you have money, people treat you very differently. it was itneresting hjow much respect he got. then when he lost it all. the assholes of the world came down on him. my oil buddy told him he’s a child as well. his gf did too. and everyone that used to call him to turn up or do a music vid are now slow to respond. even after he paid 80k to produce the damn thing.
when ur rich, everyone will be fake and treat you like god’s greated giftt even though ur an ahole. when ur poor, they treat you the way you ought to be treated!