Legal Question in Wills and Trusts in New York

401k

My father passed away over a year ago. At the end of November, 2008 I received a check from the 401K provider for 5,176.74 after taxes. Now in May,2009 I receive a letter saying they made a mistake by giving me the entire amount when I was only entitled to 1/6 of that (I have 5 other brothers and sisters who were on my father's beneficiary form). They say I need to send them a check to pay it back. At the time, I didn't know I was receiving the whole amount as I did not know how much he had in the 401K. I have since bought a house and don't have $4,733 to pay them back. Is this legal to ask for it back six months later?


Asked on 5/09/09, 11:57 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: 401k

Yes, the mistake can be corrected when found out about, regardless of when, and you must return the funds to which you were not entitled. Of course, if there are other assets in the estate, this can be equalized by splitting the other assets among the remaining heirs.

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Answered on 5/10/09, 9:23 pm


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