How to name beneficiaries and fund a trust at Nova 401(k)
Covers 11 retirement accounts — beneficiaries can be updated by phone
Nova 401(k) Associates front desk (employers and advisors)
10777 Northwest Freeway, Suite 440, Houston, TX 77092
Nova 401(k) Associates front desk (employers and advisors)
10777 Northwest Freeway, Suite 440, Houston, TX 77092
Nova Distributions Department (loans, distributions, withdrawals)
Beneficiary designations on Nova 401(k) retirement retirement accounts carry more weight than most people realize. They override a will, control who receives the balance, and determine the tax treatment of inherited distributions. Reviewing these designations after any major life change is essential.
Nova 401(k) has 11 retirement accounts with different estate transfer rules. Here is how beneficiary designations, trust ownership, and probate apply to each one.
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Spousal consent on a plan with spousal rights (401(k), 403(b), defined benefit / cash balance) must be witnessed by a plan representative OR a notary public, and must acknowledge the specific non-spouse beneficiary (PPA Basic Plan Document, Sections 6.5(a)(2) and 6.6(b)).
- Governmental 457(b) plans are not subject to ERISA and may not require spousal consent; the plan document controls.
- The plan's default beneficiary order, absent a valid designation: surviving spouse, then issue per stirpes, then surviving parents, then the estate (Section 6.2(e)) — unless the employer elected a different order in its adoption agreement.
- Divorce revokes a beneficiary designation naming the former spouse unless the decree or a QDRO provides otherwise, or a new designation is filed (Section 6.2(f)).
- If the participant and the beneficiary die simultaneously, the plan presumes the beneficiary predeceased the participant (Section 6.2(g)).
- A retirement plan beneficiary designation overrides a will. Updating your will does not update the plan.
Sources
Data sourced from Nova 401(k) primary sources (11 pages reviewed). How we research.
Download these Nova 401(k) instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Nova 401(k) primary sources. Bring it to the branch or keep it beside the phone.
Nova 401(k) Associates front desk (employers and advisors)
10777 Northwest Freeway, Suite 440, Houston, TX 77092
Nova 401(k) Associates front desk (employers and advisors)
10777 Northwest Freeway, Suite 440, Houston, TX 77092
Nova Distributions Department (loans, distributions, withdrawals)
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