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Self-Employed 401k Question: I am considering setting up a Solo 401k to invest in promissory notes. How do I make sure that my spouse has access to the account in case anything happens to me?
RESPONSE:
The self-employed person can designate his or her spouse as the co-trustee of the plan so that the spouse has signing authority over the Solo 401k plan.
Please note that in order to serve as co-trustee the spouse does not need to be self-employed.
By having the spouse as the co-trustee this will also make it easy to on-board the spouse as participant if in the future the spouse starts to work in the self-employed business and wishes to participate in the Solo 401k.
Learn more: https://www.mysolo401k.net/solo-401k-for-working-spouses/
