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Death Answers What happens to my 401(k) account if I die? If you die your account will be paid to your beneficiary.
If you did not designate a beneficiary, your account will be paid to your
spouse, children or estate. What should I do if I am the beneficiary on an account and the account holder has died? Contact the account holder's employee benefits department for details. What can I do with the money I receive from a distribution due to death? As a beneficiary, you generally aren't allowed to keep the 401(k) money in the employer's plan and you also can't roll over the money to your own 401(k) or IRA. However, if you are the spouse of the deceased, you can roll the 401(k) into an IRA. As always, you should see a professional tax advisor for more details. |
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