Can I Give or Transfer My ESOP Benefit to Someone Else?
In most cases, you cannot sell, give away, or transfer your ESOP benefits before you receive them.
There are a few exceptions:
- A court may order it for child support, alimony, or property division in a divorce.
- The IRS can take from it if you owe federal taxes.
Other than that, your ESOP benefits are protected from other debts or claims until they’re distributed to you.
Can I Choose Who Gets My ESOP If I Pass Away/Beneficiary?
Yes, you can choose a beneficiary.
If you’re married, your spouse is automatically your beneficiary unless you choose someone else, but your spouse must agree and sign a consent form in front of a notary.
If you’re not married, your estate is the default beneficiary.
You can update your beneficiary at any time by filling out a new form and submitting it to Bayview.
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