QUESTION
How do I claim the benefits or roll it over into my own 401k account?
Asked on Apr 28th, 2017 on Estate Planning - Illinois
More details to this question:
My grandmother passed away in August 2016. I was told by my father that her 401k benefits were left to me. I figure my father had the correct information but since then misplaced it. I’m the beneficiary for the 401k.
7 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You need to speak with a CPA. You can't roll an inherited 401(k) into your 401(k). You can roll an inherited 401(k) into your IRA but there are strict requirements for taking distributions.
Answered on Jul 31st, 2017 at 4:39 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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First, you need to get on this ASAP and stay on it. You are almost certainly required to take some minimum distribution from the account by the end of this year, or face hefty penalties. You just need to know who the custodian of the account is, get their beneficiary paperwork and fill it out. If the amount is substantial, you will want to take it as an inherited IRA and stretch the payments over your lifetime.
Answered on Jul 26th, 2017 at 6:36 AM
If your grandmother's 401k account was payable on death and you were specifically named on the document as a beneficiary, you should be able to present her certified death certificate and your personal identification to the account holder and receive the funds. If you are named as the beneficiary in a will, you will have to wait for the executor or personal representative to release the funds to you. This all assumes that you are a competent adult. If you are a minor, it is likely that a trust will be formed to hold the money for you.
Answered on Jul 26th, 2017 at 6:36 AM
Thomas Edward Gates
You would have to contact her employer to transfer the 401K into your 401K account.
Answered on Jul 26th, 2017 at 6:35 AM
Estate Planning Attorney serving La Grange, IL
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Law Office of T. Phillip Boggess
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You should contact the company holding the 401(k) plan. If you let them know she passed away and you are a beneficiary listed, they should be able to answer that question. There may be limitations as the the questions they can answer though. That company can then provide you with the directions, forms and some options as to your options. You may also want to talk with an advisor after you find out how to move the money depending on what options you may want to use to receive the funds.
Answered on Jul 26th, 2017 at 6:35 AM
Corporate/Business Attorney serving Beachwood, OH
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Christine Sabio Socrates Attorney at Law
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If your grandmother listed you as the beneficiary of her 401k account then you can call the financial institution that she has her account and they will direct you on how to claim it. Typically they will verify you were listed and will require a death certificate and a completed beneficiary claim form. If there is no one listed, you will need to open a probate estate in order to transfer the 401k funds and any other assets she may have owned.
Answered on Jul 25th, 2017 at 9:17 AM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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You must contact the financial institution. Your grandfather should be able to produce the information about the financial information that you would need when talking to the financial institution.
Answered on Jul 25th, 2017 at 9:16 AM