How do I claim the benefits or roll it over into my own 401k account? 10 Answers as of July 31, 2017

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.

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Ronald K. Nims LLC | Ronald K. Nims
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.
Answer Applies to: Ohio
Replied: 7/31/2017
S. Joseph Schramm | Joseph Schramm
If you are the designated beneficiary you could contact the financial institution handling her 401K and arrange to have to funds transferred to your own 401K. You would probably need a death certificate to do so to prove that she is deceased. A death will likewise provide other important information such as her Social Security number which will be used to identify her account. If you plan to roll the funds over into your own 401K you will have to provide information regarding your own account. However, before you do this, you might wish to check with your own financial adviser to see if there would be any adverse tax consequences for your 401K in rolling the funds of your grandmother over into your own account.
Answer Applies to: Pennsylvania
Replied: 7/26/2017
Stephens Gourley & Bywater | David A. Stephens
You will have to contact the 401k to make the claim and roll it over.
Answer Applies to: Nevada
Replied: 7/26/2017
Sebby Law Office
Sebby Law Office | Jayne Sebby
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.
Answer Applies to: Nebraska
Replied: 7/26/2017
Minor, Bandonis and Haggerty, P.C.
Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
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.
Answer Applies to: Oregon
Replied: 7/26/2017
    Gates' Law, PLLC | Thomas E. Gates
    You would have to contact her employer to transfer the 401K into your 401K account.
    Answer Applies to: Washington
    Replied: 7/26/2017
    Law Office of T. Phillip Boggess | T. Phillip Boggess
    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.
    Answer Applies to: Illinois
    Replied: 7/26/2017
    Ashcraft & Ashcraft, Ltd.
    Ashcraft & Ashcraft, Ltd. | Randall C. Romei
    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.
    Answer Applies to: Illinois
    Replied: 7/25/2017
    Christine Sabio Socrates Attorney at Law | Christine Socrates
    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.
    Answer Applies to: Ohio
    Replied: 7/25/2017
    Wellerstein Law Group, P.C.
    Wellerstein Law Group, P.C. | Elisha Wellerstein
    Go to the bank that has the account and present sher death certificate. They will let you know if you are the beneficiary or not. If you are they will discuss options of rolling it over.
    Answer Applies to: New York
    Replied: 7/25/2017
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