 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Estate Account
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 |
||||
|
||||
|
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. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
How would you go about opening an estate account, and were would I go?
How do I open an estate account with a check from Georgia and I live in New York. I received the check after the death of my mom.
My wife passed away over a year ago, and I have been negotiating with Mary Kay to have the value of my wife's Mary Kay assets returned to me. Unfortunately, they made out the check to "The Estate of" my wife. I have been advised that I need to open an Estate Account. Is this the only avenue to...
My mother recently passed away leaving several insurance polices, all but one named myself as the beneficiary the other named my father who passed away 8 years ago no one else was named as a second beneficiary just as children myself and brother. She left a will and named myself as sole beneficiary...
I am the sole heir to my mother's estate;opened an estate acct. My question is what do I do with the money in that acct? Can I use it to pays bills such as home owners insurance,etc.
View more questions Search
|
