Sort of Abandoned Plan

Accountant asking for advice, told him to consult an attorney.  

Apparently an old  client sponsored a profit sharing plan, back in the 70's.  Original plan doc, nothing since then, no 5500s, owners died about 5 years ago, no successor trustee, spouse of one owner still around.  All employees paid out in the past.

Funds with bank, they want to pay the account and get rid of it.  Less than $100k, to one of the owners, so he says, wife is beneficiary, not a trustee. The bank looking for corp resolution naming the trustee so they can pay out the account.

Not getting involved, just asking if anyone has ever had such a situation.

I don't even know what an attorney would advise.

I have deep experience with abandoned plans. That includes experiences as inside counsel to a recordkeeper and its affiliated trust company, seeking to support final administrations; as outside counsel to service providers, advising them about how to manage liability exposures; as counsel to a voluntold administrator; and as the named administrator of an abandoned plan.

What advice a lawyer provides turns on the governing documents, applicable law (not all of which is Federal law), facts, and one’s client’s exposures, risks, goals, and other interests.

If the bank seeks to end its obligation, the bank needs the advice of the bank’s lawyer.

If the wife/beneficiary wants her account, almost always there is at least one way (and often a choice of ways) to get it.

In addition, your legal counsel will help determine whether there might be a potential 415 violation.

Who here thinks this is still a "qualified plan"?  If spouse is an "owner", wife should be able to draft a corporate resolution (or whatever else the custodian wants) naming herself as Trustee.  No?