You can list anyone you want as a beneficiary of your life insurance. It doesn't have to be a spouse, your kids or any other relative.
What is a non-spouse beneficiary of an inherited IRA? If you were any of the following to the original owner of the IRA you inherited, you are a non-spouse beneficiary: Child of the original owner. Grandchild of the original owner. Sibling or other relative of the original owner.
If you're not married you can choose anyone to be your beneficiary. However, if you're married, or are planning to get married, please be aware that by law, your spouse is your default beneficiary, regardless of who you may have been your beneficiary before getting married.
If you are a resident of certain states, you may be required to list your spouse as your primary beneficiary and designate him or her to receive at least 50 percent of the benefit. In some states, you can name someone else with your spouse's written permission.
If you are unmarried, consider choosing a close family member like a parent, sibling, cousin, or child. 2. You may want to consider your potential beneficiary's needs. An easy way to select a beneficiary is to also take into consideration your potential inheritor's needs.
There are several reasons a spouse might not be named as the beneficiary: The deceased spouse purchased the policy before the marriage and forgot to update the beneficiary. The deceased might have chosen someone else (such as an adult child or even a beloved charity) instead of a spouse to receive the benefits.
While some marital assets pass by default to the surviving spouse, some assets pass to the surviving spouse by way of beneficiary designations. There are two types of designations: payable-on-death (POD) designations and transfer-on-death (TOD) designations.
Remember, immigration law requires you and your spouse to answer each question correctly. Keep in mind that if you are the petitioner for a green card throughout the application, the form will refer to you as the “spouse beneficiary.”
If the beneficiary name is incorrect, your transfer will not go through and the money will be returned to the original bank from where it was transferred.
However, before doing so, you should discuss this with your CPA and/or attorney. Keep in mind that some retirement plans require you to name your spouse as the beneficiary, unless he or she signs a written waiver consenting to your choice of another beneficiary.
Nonspouse beneficiaries not more than 10 years younger than the account owner who died. A minor child of the account owner (biological child or legally adopted) but only until that child reaches age 21. Once the beneficiary reaches 21, they have 10 years to deplete the account.
If you own the policy and you're not financially supporting your ex-spouse after the divorce, you can likely remove them as your policy's beneficiary. If you're on the hook for alimony or child support, a judge may require you to keep your ex-spouse as a beneficiary so support continues if you were to die.
Key takeaways
A life insurance beneficiary designation usually overrides a current spouse or a will. Spouses in community property states must split the death benefit with the named beneficiary. Review (and update) your beneficiaries any time your situation changes.
If you do not name a beneficiary, The Standard will pay the life benefit according to the “policy order.” This means your surviving spouse will be paid the benefit as the first person listed in the order.
If you do not designate a beneficiary, your spouse automatically inherits your 401(k) upon your death.
Unlike a surviving spouse, a non-spouse beneficiary does not have the option to roll over the IRA benefits into his or her own IRA. Rather, when a non-spouse beneficiary inherits IRA assets, the beneficiary generally has three options from which to choose.
If you are married or in a common-law relationship of more than two years, your spouse is automatically your beneficiary.
Approximately 10 to 14 Months After Filing
Most Form I-130 petitions for immediate relatives are approved within a 10 to 14 month time frame, but they can take longer in some cases. If you are in the United States and also filed an application to adjust status, USCIS will begin reviewing Form I-485 at this point.
In many cases, the spouse can inherit your house even if their name was not on the deed. This is because of how the probate process works. When someone dies intestate, their surviving spouse is the first one who gets a chance to file a petition with the court that would initiate administration of the estate.
Surviving Spouse: Inherits 100% of all community property always. Spouse and two or more children (of deceased): 2/3 of Separate Property. Children share equally of the 2/3 share.
If you are married, by law, your spouse must be named as the beneficiary. If you enter someone else, marital laws will take precedent and your spouse will receive the asset anyway. The only way around this is to get your spouse to sign a waiver.
Any beneficiary designation can be contested, but the person contesting has to have standing and there has to be a valid reason for the dispute.
If you are not married or are divorced (and not remarried), you can choose to name an adult child, a sibling, a partner, family member or a friend. If you are married, you may need your spouse's consent if you intend to name someone other than your spouse as a beneficiary for a retirement account.