by marc » Mon Feb 02, 2009 02:05 pm
Hello, my father is died and he had some annuities where the benificiary is his wife. But in his last testament, he gives these annuities to his children(giving all identification numbers in his testament). What to do with this?
Posted: Tue Feb 03, 2009 09:01 am Post Subject:
What do you intend to do? the annuity holder had expressed his desire to direct his earning to his children, and let me tell you that he was free to do that.
Posted: Tue Feb 03, 2009 09:20 am Post Subject:
Hi, if you are the recipient of the annuity and want your mother to receive it, you can simply direct the money to her. However, if the beneficiaries are the step children of your mother, she may have to discuss the issue with them and if necessary contest it at the court of law. But contesting the beneficiary isn’t a cakewalk.
Some states, however, may have the guideline where one can’t exclude the surviving spouse from assets acquired after marriage. If that’s the case then your mother may stand a chance to contest the beneficiary issue.
However, just hang tight, we have couple of annuity experts in the forums, they would be around with insight.
Posted: Tue Feb 03, 2009 01:53 pm Post Subject:
Justly, I am not the recipient of the annuities(and life insurances) and his wife is not my mother(second marriage). His wife is the recipient in all annnuities, but in his last testament, he gave these annuities and insurances to his children(he forgot to change the recipient of annuities and insurances).
Posted: Thu Feb 05, 2009 12:23 am Post Subject:
Hello,My father is died and he had some annuities where the benificiary is his wife. But in his last testament, he gives these annuities to his children(giving all identification numbers in his testament). What to do with this.
A Last Will & Testament doesn't control the beneficiary designations on life insurance policies or annuities. Just like it doesn't control property held as joint tenants.
An attorney would know that and would never draft a Will that way.
This leads me to believe your Father wrote his own Will without knowing it would have no effect on his annuity insurance contract's beneficiary designation, (his wife).
So...the question is...Did your Father draft his own Will?
Posted: Thu Feb 05, 2009 05:54 am Post Subject:
Hi Marc,
As you said your father in his last testament, he gives the annuities to his children. I wanted to know are you the alone child or you are having your bro's and sister. If the you are alone beneficiary of the annuities and you think that your Dad's wife is liable to get those annuities then you can request to the life insurance company to tranfer those annuties to your Dad's wife. There are some procedure that will be directed to you by that insurance company.
Hope this will help you out.
Regards
Bharti
Link deactivate by the moderators
Posted: Thu Feb 05, 2009 09:58 am Post Subject:
I sincerely hope some of the comments on this thread are coming from person's who do not hold an insurance license.
A Last Will & Testament ONLY controls property that the dead person owned in their own individual name at the time of their death.
It DOES NOT control property that passes by way of contract nor does it control property that passes by operation of law.
Annuity contract proceeds are NOT part of the Probate Estate when a natural person is named as beneficiary.
The wife gets the money, she is the named beneficiary.
Posted: Thu Feb 05, 2009 12:13 pm Post Subject:
The wife gets the money, she is the named beneficiary.
And hopefully after receiving the money she will feel some duty to follow dad's wishes in his will by 'gifting' some of this money to you kids...but that sounds like the only way you will be getting some (regardless of his will) is by way of gift from step mom.Certainly you have the option to contact an attorney and see if there is any chance of being successful in a dispute...but if you do plan to do this you need move quickly....have to you told the insurance carrier that there is a dispute?
Posted: Fri Dec 24, 2010 04:07 am Post Subject: ANNUITIES
IS THERE A TIME LIMIT TO DISPUTE THE PAYMENTS TO THE RECIPIENT NAMED ON AN ANNUITY ??
Posted: Sun Dec 26, 2010 07:38 am Post Subject:
IS THERE A TIME LIMIT TO DISPUTE THE PAYMENTS TO THE RECIPIENT NAMED ON AN ANNUITY ??
No need to scream here. Your question makes little sense as stated. The annuitant and/or beneficiary are the only parties to the contract. What's there to dispute? Who has standing to bring a civil action?
Posted: Mon Jun 20, 2011 06:36 pm Post Subject: Annuity
My mother had an annuity that she made my brother and I each 50% beneficiaries. The annuity contract is with Hartford and they have sent paper work to both my brother and myself to sign so we receive our money. My brother contested the fact I am a beneficiary with some bogus paper work and Hartford's legal staff denied his claim. Now my brother refuses to send in his paper work. Hartford says they may/or may not pay me. They said if my brother does not send in his paper work they will not release the money. They also said that the money may go to the states unclaimed property. I've sent in my paper work, I've claimed my share, now what? My brother has no legal paper work making him the full beneficiary, all he says is that Mom wanted me to have all the money. What can I do to get my money?
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