If your spouse is a US citizen or permanent resident who is sponsoring you for immigration through Form I-130 (Petition for Alien Relative), you are the “spouse beneficiary.”
If you are filing for your spouse, he or she must complete and sign Form I-130A, Supplemental Information for Spouse Beneficiary. If your spouse is overseas, Form I-130A must still be completed, but your spouse does not have to sign Form I-130A.
If you are married or in a common-law relationship of more than two years, your spouse is automatically your beneficiary.
A primary beneficiary is the person (or persons) first in line to receive the death benefit from your life insurance policy — typically your spouse, children or other family members.
The surviving spouse generally stands to inherit first, followed by the decedent's children, their parents, their siblings and so forth. Keep in mind that stepchildren sometimes have priority intestacy rights over other heirs.
Beneficiaries of retirement plan and IRA accounts after the death of the account owner are subject to required minimum distribution (RMD) rules. A beneficiary is generally any person or entity the account owner chooses to receive the benefits of a retirement account or an IRA after they die.
Only about a third of all states have laws specifying that assets owned by the deceased are automatically inherited by the surviving spouse. In the remaining states, the surviving spouse may inherit between one-third and one-half of the assets, with the remainder divided among surviving children, if applicable.
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.
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.
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.
A beneficiary can be designated in the documents relating to a life insurance policy, a retirement account, a brokerage account, a bank account, and other financial products. It's important to designate beneficiaries for your financial assets so that they can be distributed according to your wishes when you pass away.
If there is no spouse the benefit will be paid, in equal shares, to your surviving children; if none, then to your parents; if none, then to your siblings; if none, then to your estate. The same process would be followed if your designated beneficiary is no longer living at the time of your death.
In community property states, a spouse is automatically considered the life insurance beneficiary unless they indicate explicitly otherwise in the policy.
While a spouse doesn't override a designated beneficiary on a bank account, they may be entitled to a portion of the assets in a payable-on-death bank account if those assets are community property.
Your spouse
If you have an IRA, you may designate the person you're married to as your beneficiary by name or you can designate by relationship by selecting “the person I am married to at the time of my death.”
First, throughout Form I-130A, the immigrant applicant is referred to as “spouse beneficiary.” Therefore, if you are sponsoring your spouse for immigration, Form I-130A refers to your spouse as the “spouse beneficiary.”
Many people assume that the surviving spouse automatically inherits everything. However, this is not the case in California. When a person dies without a will in California, their assets are distributed to their family members according to the state's intestate succession laws.
If you do not designate a beneficiary, your spouse automatically inherits your 401(k) upon your death.
Payments start at 71.5% of your spouse's benefit and increase the longer you wait to apply. For example, you might get: Over 75% at age 61. Over 80% at age 63.
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.
Ineligible Beneficiaries: Minors: Generally, minors (individuals under the age of 18 or 21, depending on the jurisdiction) cannot be named as direct beneficiaries of a life insurance policy. In such cases, a trust or custodian may be designated to manage the proceeds until the minor reaches the age of majority.
When you die, the beneficiary on your life insurance policy will receive the death benefit. You can name multiple beneficiaries to receive either equal or different portions. In most states, the primary beneficiary will receive the full payout even if they're not your current spouse.