Complaint / review text:
My brother passed away recently and had an IRA account with Charles Schwab via his employer. He was never married and had no children. As his sibling, I have been put in the position of trying to sort out his affairs. He had listed me as his beneficiary with his employer. When I contacted Charles Schwab to find out about the beneficiary information, they advised me that Charles Schwab had no beneficiary information on file.
I tried to see if a person could open a 401K without beneficiary information via Charles Schwab, and it was mandatory that beneficiary information be completed on the application. Charles Schwab is very difficult to work with and I have not been able to get anywhere with this.
I am afraid that even if I hire an attorney and present Scwab with papers proving Small Estate Heirship, that they will pocket the 401K anyway.