Legal Question in Wills and Trusts in Illinois
My father had money left in a 401K, and my sister is the executor of his will. Is it possible for her to drain that account if it was left to us both? How would I verify what the amount was upon his death and whether it was distributed fairly? Thank you.
1 Answer from Attorneys
Call the institution that manages the 401K and identify yourself as your father's daughter. Ask them if you are a beneficiary of the 401K, and if so, what you are entitled to. The institution may require you to submit documentation to support the fact that you are, actually, your father's daughter.
If you have been personally named as a beneficiary of the 401K, then the institution should be able to provide you with: (1) the value of the 401K at your father's death, and (2) statements from your father's date to present. This will inform you as to what your share of the 401K should be, and if any inappropriate transactions have occured.
If you have NOT been personally named as a beneficiary, and the asset is passing through your father's Estate, then you can ask your sister, directly, for the same information. If that fails, you can hire an attorney to protect your interests regarding this. A phone call from an attorney tells your sister that you're serious. If she is represented, her attorney will likely support your request. If her attorney doesn't, there are other methods that an attorney can assist you with.
Feel free to call me to discuss this further. I will not charge for a brief phone call regarding this.
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