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Question

Asked 8/6/2010

My father died, he works for Holiday Inn Bethesda for almost twenty years. How can we collect his 401K?

My father died last year July, we are 20,17,15 and 11. He worked for Holiday Inn Bethesda for almost twenty years or more. While he was alive he usualy said he has 401K plan with Holiday Inn, and that we would be taking care of if anything happens to him. It seems Holiday Inn its now called Double Tree Hotel, Please how can we claim my father 401K from Holiday Inn Bethesda now double tree hotel? In addition how can we find out if there is any work related benefits my father might be entitled to?

Thanks
Sylvia Ward

 
 
 
 
 
Answers

Answer 1/7 - Submitted 8/6/2010

He should have been getting account statements from his 401k, have you found any in with his papers?

 
 

Answer 2/7 - Submitted 8/7/2010

If your mother is still living, and they were married when he died, then by law she is the beneficiary and should be able to collect the money. The only exception to this scenario is if your mother signed a waiver allowing your father to name someone else as the beneficiary, in which case you can contact the 401K company to determine who are the beneficiaries. A beneficiary has no responsibility to share the money with anyone else unless there are multiple beneficiaries named.

If your mother is deceased or they were divorced before he started the 401K, then your father could have named others as the beneficiaries without the need of a waiver. If he failed to name a beneficiary, the money goes to his estate but this can create some legal complications. If the management of his estate was not outlined by his will, then you will need a lawyer.

 
 

Answer 3/7 - Submitted 8/7/2010

It depends upon whom your father listed as the beneficiary on his 401(k). You should try to contact the plan adminstrator for the 401(k) to get addtional inforamtion. I hope this answers your question.

 
 

Answer 4/7 - Submitted 8/10/2010

Look in the phone book under attorneys for an estate attorney, call them and ask them for a free consult to ask them questions about what you need to do to proceed. They may take your case pro-bono, which means free or very little charge. You should also be able to contact the bookkeeper or accountant at his previous employment and they may be able to give you an address or information of who to contact to get the money from the 401K. Good luck!

 
 

Answer 5/7 - Submitted 8/10/2010

He should have named a beneficiary when he set up the 401(k). Contact the HR person at his employer and have them help you to process this. I would roll it over to your IRA, to avoid taxes.

 
 

Answer 6/7 - Submitted 8/10/2010

So very sorry to hear of your family loss. This is a hard time to go through these kinds of issues.

First, you will need legal help to get you through this process. I am not an attorney. This is just the basic summary of what we had to go through when my dad passed away.

All of your dad's estate has to be organized, summarized and presented to a special court called “Probate Court”. This court is designed to review the estate value, determine and pai any remaining debt, and determine the just and fair distribution of any remaining assets.

If you have or can locate his final Will, then the courts will use that to direct who gets what from his estate. If there is no will, then the courts will determine who gets what. Their decision may not be the same as what your father would have wished. If there was a will, you really need to understand that it is very important to find it.

It sounds like the hotel may have either been sold to new owners, or it may have been incorporated under a new name. Your attorney should be able to help you track down the owners or corporate officers who managed any 401K Investment plan. It will need to be listed as an Asset for Probate Court. You cannot just cash it.

Your dad may have included a request in his will for a named Executor of his estate. If there is no one designated, the court will appoint an Executor, and that can be a member of your family.

The Executor is required to find and list all Assets and their value to determine the total value of his estate. The Executor is also required to search for and list all remaining debts. All that has to do with your father's estate has to be presented to Probate Court. It is their job to make sure all debts are paid before anything can be distributed to any heirs.

Going through Probate Court is a lengthy process. It can last up to 3 years before it is finalized. Again, your attorney will help guide you through this process.

Best wishes to you and your family.

 
 

Answer 7/7 - Submitted 12/30/2011

Do you have a file of all dads important papers, etc?

Do you know of any other employees that worked with your dad?

If you can find someone he worked with ask them where the 401k information and bank is.

If you cannot find any info from other employees I would get in touch with a lawyer.

So sorry for your loss. Good luck.

 
 
 
 
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