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Hi, 

One of my client is terminating and there is one deceased Estate account, The participant deceased in 2020 and since there was no beneficiary the deceased estate became the beneficiary.   Estate beneficiary account was set, since the plan is Terminating now the client has informed the Estate Administrator to move the funds out of the 401k plan however the administrator remains unresponsive, given the fact the client has done all their due diligence and since the administrator remains non-responsive can the funds be rolled over to an IRA account?

Can a deceased estate( beneficiary)  account be rolled over to an IRA? if no any reason? 

Also the deceased was from the state of Indiana, so is there anything particular that needs to be considered looked into? 

Thanks. 

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How would an IRA work? You'd have to set it up in the dead participant's name which I don't think you can do after death.

If the estate is the beneficiary, why not send a check payable to "The Estate of enter deceased participant name". You could send it by certified mail or or some other delivery service with signature required. If you're concerned about them holding the check, why not send them a cashier's check to close the trust?

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The Estate administrator remains non-responsive, cant an IRA be set under the estate of the deceased just like the way  it would have been set under the 401k plan? 

Estate of XXX

C/O, Administrator name. 

Thanks 

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What do BenefitsLink mavens think about Lou S.’s idea about sending a bank’s cashier’s check?

Would a terminating plan’s administrator succeed in finding a bank willing, in the described circumstances, to issue a cashier’s check?

If the payee does not deposit or negotiate the check, is it the bank alone that would have duties under an abandoned-property law?

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Maybe I'm losing patience in my ... nearing retirement ... age, but I'd just call the probate court and let them know you hold assets of the estate and the administrator is being non-responsive in collecting them, and ask if you can send the money to the clerk of courts....  I guarantee there will be a response when the court issues a "show cause" order.

Just kidding (but not much!)

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On 7/2/2021 at 2:09 PM, MoJo said:

Maybe I'm losing patience in my ... nearing retirement ... age, but I'd just call the probate court and let them know you hold assets of the estate and the administrator is being non-responsive in collecting them, and ask if you can send the money to the clerk of courts....  I guarantee there will be a response when the court issues a "show cause" order.

Just kidding (but not much!)

I agree with this. And I'm not kidding.

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