Estate Planning 101

How to Transfer a Aon Hewitt 401(k) into a Trust

This blog post offers step-by-step instructions on how to safely transfer your Aon Hewitt 401(k) into a trust, providing you with the knowledge to secure your retirement savings and manage your financial future effectively.
February 4, 2024

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A 401(k) plan is a company-sponsored retirement account that employees can contribute to, often with matching contributions from the employer. Aon Hewitt, a leading provider of retirement and benefits solutions, offers 401(k) plans among its services. Transferring an Aon Hewitt 401(k) into a trust can be an effective way to manage your retirement savings and ensure they are distributed according to your wishes after your death. This blog post will guide you through the process.

Understanding the Process

The process of transferring a 401(k) into a trust involves changing the beneficiary designations on the account. This is different from transferring a checking or savings account into a trust. It's important to understand that this process doesn't grant the trust access to the funds until after the account holder's death.

Step-by-Step Guide on Transferring an Aon Hewitt 401(k) into a Trust

  1. Setting up a Trust: If you haven't already, you'll need to establish a trust. The trust will be the entity that receives the 401(k) funds upon your death. This can be done through an online service or with legal guidance, depending on the complexity of your estate.
  2. Reviewing the Plan Details: Before making any changes, review your current 401(k) plan details. Understand the rules and regulations regarding beneficiary designations and what happens to the account upon your death.
  3. Contacting Aon Hewitt: You can contact Aon Hewitt directly to discuss your intention to change the beneficiary of your 401(k) account. Their customer service team can guide you through the necessary steps and provide you with the appropriate forms. You can reach them at 1-877-384-4276 or visit their official website for more contact options.
  4. Changing the Beneficiary: Once you have the correct forms, you can change the beneficiary of your 401(k) to your trust. You'll likely need the trust's Tax Identification Number (TIN) and the exact name of the trust.
  5. Confirming the Changes: After submitting your forms, Aon Hewitt will process the changes. It's important to follow up and confirm that the beneficiary designation has been updated.

Tips and Precautions

Here are some additional tips to ensure a successful transfer:

  1. Always consult with a financial advisor or an estate planning attorney before making changes to your 401(k) beneficiary designations.
  2. Keep a copy of all paperwork submitted to Aon Hewitt.
  3. Make sure your trust document is accurate and up-to-date.

The Role of Aon Hewitt in the Transfer Process

Aon Hewitt is committed to providing its customers with comprehensive retirement solutions. Their representatives can provide valuable assistance during the transfer process, guiding you through the necessary steps and answering any questions you may have.

Conclusion

Transferring your Aon Hewitt 401(k) into a trust is a significant step towards ensuring your retirement savings are distributed according to your wishes. While the process can be complex, understanding the steps involved can make it more manageable. Always seek professional advice when dealing with estate planning matters to ensure your financial legacy is protected.