- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Fidelity Death Beneficiary.
Posted on 2/27/23 at 2:40 pm
Posted on 2/27/23 at 2:40 pm
My mother passed away last September, and as her only child I was listed as the beneficiary on her 401K with Fidelity.
After reporting her death in late September, I received a packet from Fidelity that I filled out and returned. In late December I reached out with a phone call to inquire about the status of the claim. I was told that I needed to resend my DL and SS#. I did so, went another month and didn't hear anything back.
I called again today and was told to resubmit my DL and SS# using the Fidelity App, which I've now done.
Is what I'm describing pretty standard for something like this? Is there anything else I can or need to do?
My mother owned two homes that I would like to keep, but I need the funds in order to pay off the remaining mortagages.
After reporting her death in late September, I received a packet from Fidelity that I filled out and returned. In late December I reached out with a phone call to inquire about the status of the claim. I was told that I needed to resend my DL and SS#. I did so, went another month and didn't hear anything back.
I called again today and was told to resubmit my DL and SS# using the Fidelity App, which I've now done.
Is what I'm describing pretty standard for something like this? Is there anything else I can or need to do?
My mother owned two homes that I would like to keep, but I need the funds in order to pay off the remaining mortagages.
10
Posted on 2/27/23 at 3:03 pm to geauxbrown
Sounds like back office isn’t doing their job
Posted on 2/27/23 at 3:30 pm to geauxbrown
No. It's not standard. They usually ask for a copy of the death certificate though. Was this already done?
This post was edited on 2/27/23 at 3:31 pm
Posted on 2/27/23 at 3:52 pm to geauxbrown
Was she employed at the time of death? This happened (not as long) with my mother and the HR dept at her employer reached out and that helped.
Posted on 2/27/23 at 4:46 pm to timdonaghyswhistle
quote:
They usually ask for the DC…
Yes, I included one in the initial paperwork Fidelity sent me.
Posted on 2/27/23 at 4:47 pm to Dawgfanman
quote:
Was she employed at the time of death?
Yes. I’ll try that and thanks for the advice.
Posted on 2/27/23 at 5:27 pm to geauxbrown
Sorry for you loss. My dad passed away in 2021; all of his accounts were at Fidelity with my mom being the primary beneficiary.
When we contacted Fidelity; it took about 2 weeks to get everything transferred to my mom's accounts. My mom already had accounts at Fidelity and the accounts being transferred were all personal (i.e. no 401k)
The longest part of that 2 weeks was Fidelity assigning someone to handle the case which took about a week. Once that person reached out and we sent all the documentation, everything was transferred in a couple business days.
With it being a 401k, there are probably extra hoops since the relationship for the account is actually with the employer. Since your mom was employed when she passed, I'd contact them.
Fidelity was a breeze compared to getting my dads's life insurance to cut a check which took 3-4 months.
When we contacted Fidelity; it took about 2 weeks to get everything transferred to my mom's accounts. My mom already had accounts at Fidelity and the accounts being transferred were all personal (i.e. no 401k)
The longest part of that 2 weeks was Fidelity assigning someone to handle the case which took about a week. Once that person reached out and we sent all the documentation, everything was transferred in a couple business days.
With it being a 401k, there are probably extra hoops since the relationship for the account is actually with the employer. Since your mom was employed when she passed, I'd contact them.
Fidelity was a breeze compared to getting my dads's life insurance to cut a check which took 3-4 months.
Posted on 2/27/23 at 7:19 pm to geauxbrown
This is not uncommon unfortunately. You’re getting the minions of newbies they put in the call center to handle these (death claims) to learn the ropes.
The only thing you can do is harass them. Call back in three days and make sure what was supposed to be done was done. Don’t wait a month. If you get a good person on the phone that seems capable, ask if you can contact them via their extension. Good people don’t mind helping bc people are nice to them.
My $0.02. Sorry for your loss.
The only thing you can do is harass them. Call back in three days and make sure what was supposed to be done was done. Don’t wait a month. If you get a good person on the phone that seems capable, ask if you can contact them via their extension. Good people don’t mind helping bc people are nice to them.
My $0.02. Sorry for your loss.
Posted on 2/27/23 at 7:35 pm to UpstairsComputer
Sorry for your loss. Took my mom almost a year to get a $20k IRA out of Chase Bank. Your story sounds identical - send this, need that, I sent that last week, we didn’t get the fax, blah blah blah.
Posted on 2/27/23 at 7:47 pm to Im4datigers
Yep. With these 401k’s and retirement accounts it’s very common. Imo they do it to keep your business as a business practice to delay, delay, delay. I’ve had issues both times I transferred mine and heard many similar stories.
Best thing to do is call back and absolutely stay on top of it. Ask for names/ contact info and pin the duty on someone.
Best thing to do is call back and absolutely stay on top of it. Ask for names/ contact info and pin the duty on someone.
Posted on 2/27/23 at 8:18 pm to geauxbrown
quote:
My mother owned two homes that I would like to keep, but I need the funds in order to pay off the remaining mortagages.
Before liquidating the account to pay mortgages make sure you understand the tax ramifications of doing so. If it is a traditional 401k you will pay income tax on the entire withdrawal which could be at a higher bracket if you're talking about paying off sizeable mortgages. You get 10 years to draw down the account and manage taxes while continuing tax deferred compounding growth. But to do so you have to rollover into an inherited IRA.
If its a Roth 401k no tax bill for withdrawals but you're better off letting it grow tax free until year 10.
This post was edited on 2/27/23 at 8:22 pm
Posted on 2/27/23 at 9:21 pm to TorchtheFlyingTiger
We're dealing with my father in laws estate right now. He had accounts at Vanguard and Fidelity. Vanguard is much better to work with in our case.
Posted on 2/28/23 at 8:23 am to geauxbrown
Just wanted to thank everyone for their comments and suggestions. I really appreciate it.
Posted on 2/28/23 at 8:28 am to geauxbrown
My father passed away in December, we contacted vanguard with information and when we had death certificate etc we sent it to them. They suggested we call in about 2 weeks after. Then they transferred the money to the beneficiaries that had vanguard accounts and helped the others set up vanguard accounts
It was pretty easy
It was pretty easy
Posted on 2/28/23 at 3:25 pm to bovine1
I’ve noticed the same
Posted on 2/28/23 at 4:18 pm to geauxbrown
Sincerely sorry for all losses of family members in this thread.
God Bless.
God Bless.
Posted on 3/1/23 at 9:17 pm to geauxbrown
Unfortunately, I am going through similar and it does feel intentional. Bank managers/VPs who all of a sudden don't know the basics of banking or handling affairs from an estate, being passed off to multiple people, things that can't be processed because of "missing" information that they have had for weeks, documents to be signed that have wrong information on them, I could go on.
Like everything else with an estate, it takes 5x the normal effort because either they are incompetent or delaying to keep your business and money with them as long as possible.
Be a pain in the arse and don't assume things are happening.
Like everything else with an estate, it takes 5x the normal effort because either they are incompetent or delaying to keep your business and money with them as long as possible.
Be a pain in the arse and don't assume things are happening.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News