Is retirement funds transferable over to immediate surviving family members?
Posted by admin in Finance Monday, 27 December 2010 22:10 2 Comments
My grandfather passed away in 2006 and had a retirement with UCLA. I asked my father if we are entitled to the funds that my grandfather use to receive.
Also my grandmother who was the beneficiary passed away in 2005 which was before my grandfather passed away.
He should have had a beneficiary listed. Usually required. May have been released long ago.
It all depends on how it was set up. You need to find this out. Sounds like a pension (I don’t know). My friend’s husband died. He taught at USC for many years. His teaching pension transferred to her–FOR ONLY 2 YEARS! He had life insurance, and lots of stocks/investments (don’t know if it was IRA, or what) but she got all that. Must have been set-up correctly. But it was a surprise how the pension worked. @5 years, and she got a payout for only 2 years. So much for state annuity retirement funds.
Like I said, all depends on how he set it up while he was alive. Any trust for you?
LIVE AND LEARN! We can learn from others’ experiences.