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nmcarrillo
Jul 14, 2010, 02:58 AM
My father passed away in Dec. 2009. I just found out that he had a 401K at one of his last employers. It's not much but I would like to get it so that I can buy him a tomb stone. He did not put down a beneficiary.

How do I go about getting that money released.

Grateful,
Nora

ebaines
Jul 14, 2010, 05:49 AM
If he did not name a beneficiary, then the assets either go to his estate or to the surviving spouse (if he was married at the time of death) - it depends on specific rules of his company's plan. Assuming that your father was not married at the time of his death, then if you are the executor of your father's estate you should ask the plan administrator to distribute the funds to the estate account. As executor you can then use the money to settle any of his debts, pay for funeral expenses, and finally distribute the remainder to the heirs. However, there are likely to be income tax repurcussions for your father's estate, as this money will be considered income to the estate, so be sure to retain enough to cover any taxes that may be due.