if my mom has a 401k and she dies could I get the money from it or do they not allow that?

Answer 1

The beneficiary get the money. If someone does not designate a beneficiary then the company that manages the 401k usually has a series of relatives that it tries to give the money to first. In my case, mine goes to my wife. If I have no wife then it goes to my surviving parent(s). If I have no surviving parent,then to my siblings. If I have no siblings then it gets hairy. Now, this can take longer the the norm. And, relatives can try to contest it. Everyone should really have a will for all their general stuff. They should also designate a beneficiary, and secondary beneficiaries, to any retirement plans. It keeps your relatives from fighting over your bones once you kick the bucket.

Someone asked if you should really be worrying about your mom's money. Yes, you should discuss this with a parent, spouse or anyone else you are involved with so closely. You are all gonna die.I'm not. I'm gonna live forever. Better to get this crystal clear now rather than wait until someone is dead and everyone is confused and emotional.

Answer 2

You mom should have a designated beneficiary. If you are not the primary beneficiary- if she has a spouse it would be him, you could be named as a contingent beneficiary. In which case, if the spouse or primary beneficiary is no longer alive, you would get the 401(k).

Otherwise, it most like would go into her estate and be up for grabs for anyone that she owes money to upon her death- such as mortgage co., credit cards, etc.

Answer 3

your mom should have you designated as her beneficiary in the event of her death.

Answer 4

Do you really want an answer on this? Is it all about the money?

Answer 5

laws are designed to rob you if you just wait for it so do big research or lose