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Your father should make certain he has named a beneficiary on the account. That way it will pass directly to the beneficiary. If he doesn't name a beneficiary it will pass to his estate and his estate will need probating.
In the event of his death you should get expert advice on what to do with the account. You may want to keep it as your own 401K if possible.
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∙ 13y ago
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What happens to your dads 401k if he dies?
The 401k passes intact to his heirs, with the same penalties if they are not of age (59 1.2) to withdraw it as cash. He can allocate it to specific beneficiaries or describe the distribution in his will.
When a person dies can creditors get to 401K if a beneficiary has been designated?
no
What will happen to my 401k when filing bankruptcy?
These assets should not be effected at all.
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