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My concern involves vanguard. And their custodial agreement…

My concern involves vanguard...

My concern involves vanguard. And their custodial agreement regarding benefiaries.. My brother who predeceased the investor brother was to receive 96% of a 900k 401k. With 2 other primary beneficiaries @ 1% each. Is there a way to alter this agreement so that my sister and I can recover any money?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Vanguard is located in pa but I am in SD and my brother died in nm

Lawyer's Assistant: What steps have you taken so far?

I have a nm lawyer who informs me on mn legal matters pertaining to the estate but a 401k is not testamentary

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Answered in 7 minutes by:
7/12/2018
Robert L
Category: Legal
Satisfied Customers: 323
Experience: Associate Attorney at Henrickson & Serrebutra, LLC
Verified

Good afternoon, my name is ***** ***** I am an attorney (legal expert) with JustAnswer and I will do my best to assist you with your legal question(s) today.

With respect to your question, I have an idea about your situation, but so I don't make assumptions about your situation, may I ask you a few clarifying questions so that I may give you the most accurate answer possible? If so, my questions are as follows:

1) So that I may better understand the estate dynamics am I correct in reading that your family consisted of three brothers and one sister (four siblings in total)?

2) Am I correct in reading that you have had two brothers predecease you and your sister?

3) Of the two brother's who predeceased, the brother who was to receive 96% of you late brother's 401K predeceased that brother, am I reading that correctly?

4) Does the 401K beneficiary declaration contain "contingent" or "secondary" beneficiaries in the event that a primary beneficiary predeceases the 401K owner?

5) Does you late brother (the one with 401K) have any minor children or a surviving spouse?

**There may be a delay in my response(s) as I type out an answer or reply as I am an actual practicing attorney, not an employee of JustAnswer. But know that I will ALWAYS return to answer your question(s).**

Robert L
Category: Legal
Satisfied Customers: 323
Experience: Associate Attorney at Henrickson & Serrebutra, LLC
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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