401K money..no beneficiary named
How can my grandson get mothers 401K money? She passed away and did not name a beneficiary. He is her only child.
Terry Says
Let this be a warning to ALL! You MUST name a beneficiary. Now her “estate” will go through the probate court — you need a lawyer for that and it will take a while and cost some money. I’m assuming she had a will, because if she died without one (intestate) the process will take even longer.
Then when that process is finished, the money will be awarded to her next of kin.
And if she was still married, that will not be her son. Depending on the state if she was still married he would get only half.
Even worse, he will not be allowed to roll the money into his own IRA.
And even worse than that, there is no one to give instructions on how the money should be invested in the meantime!
EVERYONE: CHECK RIGHT NOW TO MAKE SURE YOU NAMED A BENEFICIARY FOR YOUR RETIREMENT PLANS AND LIFE INSURANCE!!
