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Showing results for tags 'Death of Trustee'.
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Our client is a corporate medical office with five employees. The president (doctor) and 100% owner of the corporation died suddenly in January. He was the sole trustee of the company's profit sharing plan. Unfortunately, no successor trustee was named in the plan document. His wife is named as personal representative of his estate. She is also a VP of the corporation. The wife is trying to liquidate the assets of the Plan and make distributions to the participants. The custodian refuses to allow her authorization over the account, even though they have a copy of the Letter Testamentary and a copy of an amendment executed this month naming her as Successor Trustee. (The document allows the employer to name additional or successor trustees.) The custodian is now saying that we must have a trustee appointed by the DOL. In the meantime, four of the employees are unemployed and need the funds. Any suggestions as to how to proceed?
