ForumsSolo 401k DistributionsQuestion how to access husbands solo 401K after he passed

Forums Solo 401k Solo 401k Distributions Question how to access husbands solo 401K after he passed

  • Question how to access husbands solo 401K after he passed

    1 Reply
  • Top SubjectSolo 401k Distributions
    Top ForumsSolo 401k Distributions

    Minda H.
    Top SubjectSolo 401k Distributions

    May 9, 2022 at 9:55 am

    Sadly husband passed in March, He had a Solo401K. I am the beneficiary on the trust documents, and his will . Its at Wells Fargo. the Local wells fargo branch manager and the people she called have no idea what this is.. Says I cannot access it as I am not designated the beneficiary on the actual acct – This was set up by this firm through a wells fargo branch in Colorado. I am having to go thru attorney, probate? etc costs.. any info on who at wells fargo that can direct the Wells fargo bank to release this to my husbands estate.

    Minda H.
  • George Blower

    Top SubjectSolo 401k,Solo 401k Contributions
    Top ForumsSolo 401k, Solo 401k Contributions

    George Blower

    George Blower

    Top SubjectSolo 401k,Solo 401k Contributions

    May 10, 2022 at 11:25 am

    I am sorry for your loss.

    The beneficiary election form is the document that governs what happens to the Solo 401k assets when the participant passes away.

    While we don’t have someone at Wells to point you to for this type of matter, I suggest that you simply provide the trust documents as well as the beneficiary election form and the certificate of death to demonstrate that you have inherited your deceased husband’s 401k plan assets in order to obtain access to his account.

    Once you have obtained access to the account, the next step will be determine how you wish to proceed – for example, a spouse who inherits his or her deceased spouse’s solo 401k has the following options with respect to the plan:

    1) Transfer the solo 401k funds to her own solo 401k if she is self-employed or another qualified plan;

    2) Transfer the solo 401k funds to her own IRA;

    3) Transfer the solo 401k funds to an inherited IRA (beneficiary IRA); or

    4) take a full distribution.

    Please see more here: https://www.mysolo401k.net/solo-401k-beneficiary-distribution-questions/

    Once you decide how you wish to proceed please email us at [email protected] so that we can help guide you through the process.

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