Q: Is there a time limit on how long an executor can take to disburse to heirs (no property, only funds in 401k)?
The 401k agent said they need a certified copy of death certificate, but executor hasn't provided it yet. How long do I have to wait for the executor to do this?
NOTE: there are no beneficiaries named, and the heirs have been established... but can only the executor present the paperwork to the 401k? That's what we're waiting on.
A:
It is likely that a probate will be needed. A summary probate (which can often be wrapped up in 3 months or less) may be a good choice if:
1. The value of the estate is less than or equal to Two Hundred Thousand Dollars ($200,000.00);
2. The decedent has been deceased for more than five (5) years; or
3. The decedent resided in another jurisdiction at the time of death.
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This is used for fairly simple estates without excessive creditors' claims.
If it is not within those limits a standard probate may be the route.
Probate is available even if the decedent did not leave a Will. Also even if an executor was named in a Will but he or she hasn't acted, an heir or person interested in the estate can petition the court.
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If the entire amount was less than $50,000, the 401k administrator might accept a small estate affidavit.
Gary Johnston Dean agrees with this answer
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