My Daughters Father committed suicide on Aug 4th 2013 and his parents say they will get his 401K money since he didnt name a benefactor and my Daughter is a minor, is this correct?
1 Answer from Attorneys
Any funds in an account without a named beneficiary must go through probate in order to distributed. This includes IRAs and 401Ks. Mom and Dad are wrong--they will only get a distribution through the probate process, and only if they are the nest in line pursuant to state statute..