Q: Can a cheque for a discrepancy from my now deceased father's 401k be reissued and deposited to "the Estate of his name"?
Before my father's passing, he pulled out funds from his 401K. There must have been some discrepancy in the amount paid to him, as Discover Financial Services sent him a cheque for the amount of the difference (about $400) in 2020. The issue is that this cheque was sent out several months after he had passed.
Discover Financial Services has advised that they do not have a direct mechanism to reissue funds once a 401K is cashed out. Because the cheque is made out in my deceased father’s name, it cannot be deposited, as is, by any of his living relatives. Because the cheque is from a 401K, I doubt that it could be reissued in anyone else’s name, other than “the Estate” of my father.
Given the cheque is not for a huge amount of money, the executor of the will is hoping that, with the addition of some appropriate paperwork from an estate attorney, she could deposit the reissued cheque at her bank.
I am so sorry for your loss.
I have a few questions though. If there is an Executor, a probate would have to be opened. The Letters of Personal Representative would give the company authority to issue the check. Only a court can appoint someone to be the Executor or Personal Representative.
If probate hasn't opened, and you are just looking at a Will, I would recommend that you retain the services of a qualified attorney to prepare a 'Small Estate Affidavit' for you. That document will work if we are dealing with an Arizona resident and a small estate.
Let me know if you have any other concerns.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.