[ylangylang]

My husband just rolled over the 401k account into another account. I noticed that in the paperwork that he sign he didn't appoint any trustee but he did put both of our children name as beneficiary. I ask my husband why he did not put my name in that paperwork and his response was, just in case that if we both die that the money will go to the children and if he is the only one to die that everything will go to me automatically even if there is no will since we are married. Is he telling me the right thing? He doesn't have my name in any of the accounts such as bank account and 401k. Please let me know. Thank you for your help.

[stinawords]

Accounts that have beneficiaries listed will go to the beneficiaries. That is the purpose of listing the beneficiaries on the paperwork.

As for the rest of the estate, here is a link that spells it out. Just find the box that pertains to your situation.

Intestate Succession in Texas | Nolo.com

[ScottGem]

Your husband needs to review the law. As noted a listed beneficiary is the recipient of the benefits. However, if the children are minors, a trustee will probably be appointed and you are the likely person to be appointed.

If your name is not on bank accounts or other assets, it will depend on whether its considered community property as to how its distributed.

[ma0641]

Does the 401K state TOD anywhere? The trustee is actually the company that holds the 401K. They are the fiduciary and trustee of the funds.

[ebaines]

Federal law requires that the spouse be the primary beneficiary of retirement accounts (such as 401(k)'s and IRAs) UNLESS the spouse signs a waiver. When your husband set up the new account if he specified your children instead of you as primary beneficiaries then you should have signed that waiver. It's quite straight-forward to set up the account as your husband indicated he wanted it - all he need do is establish you as the primary beneficary and the children as secondary beneficiaries - this way the account goes to you if you survive him, and to the children if you predecease your husband.

[ScottGem]

Federal law requires that the spouse be the primary beneficiary of retirement accounts

Good point, I forgot about that. The plan administrator should have caught that and not accepted it.