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: Mon Jul 18, 2011 10:26 pm Post Subject:
It's good to see somethings never change :wink:
Posted: Mon Jul 18, 2011 10:52 pm Post Subject:
Nice to have you back! Care to comment further? :shock:
Posted: Mon Jul 18, 2011 11:35 pm Post Subject:
It's going to take me a while to read through the above. I'm sure I'll find something to comment on though. :lol:
Posted: Fri Aug 05, 2011 11:59 pm Post Subject: father girlfriend claim to be wife at death
father died and left a will i was benificary i got his survivor pension she got the bank account his will stated I was his sold benificary and one and only love but his girlfriend was his companion and wife. I called the annunity and since he was not married thry were going to give it to me but she is claimming to be wife and she got it she andI were both benificary on the auunnity with new york life how do I change this or change wife status I computer paer were she called a company and claimed she was not married she has irs forms clainin to be his wife I dispute that that has to for tax reason only I beleive
Posted: Sat Aug 06, 2011 01:30 am Post Subject:
Unless the annuity was holding a qualified retirement account's assets, there is NO AUTOMATIC SPOUSAL ENTITLEMENT to insurance proceeds of any kind. If NY Life paid money to someone, whether child, spouse, girlfriend, or next door neighbor, it was because that person was named as a beneficiary.
If there was no named beneficiary, then the matter would be resolved through probate. It is not up to the insurance company to decide who gets money and who doesn't in such a case.
So there is either more to the story that you haven't revealed, or you don't have all the facts. Insurance proceeds cannot be designated by will -- only the net estate assets.
Posted: Sun Aug 07, 2011 01:27 pm Post Subject: new york life payment to girlfriend
she and i were both named benifiary and I beleive this was a retirement account I was told that she is his wife and she get because she is primany benificary and if she died I would of gotten it because I was second benificary .I dont understand I thought a benificaary was a benificary and it should be splited.
Posted: Sun Aug 07, 2011 02:04 pm Post Subject:
If this was a retirement account, then, yes, the spouse is the de facto primary beneficiary. You were probably listed as the contingent beneficiary.
Contingent beneficiary = "second" or "secondary" beneficiary. A contingent beneficiary is not equal to the primary beneficiary. Imagine a two-story house. The primary beneficiary is on the top floor, and the contingent beneficiary is on the bottom floor. When the money falls out of the sky, the person on the top floor will receive it. The person on the bottom floor only receives the money if there is no one on the top floor to claim it.
I thought a benificaary was a benificary and it should be splited.
You are correct, you don't understand. Primary and contingent beneficiaries do not "split" or "share" proceeds. A contingent beneficiary only receives proceeds if there is no living primary beneficiary at the time of a person's death.
Life insurance and annuity proceeds are not designated by will. They are designated by the beneficiary statement. If there is no named beneficiary or contingent beneficiary (or none survive the insured/annuitant), the proceeds are distributed from the estate of the decedent via probate. A will may or may not determine the distribution in such a case, it is merely guidance to the probate court as to what the decedent would have preferred.
Creditors of the decedent in such a case have more rights than family members, which is what makes the beneficiary statement so important. This is the reason that federal law gives special preference to spouses when it comes to retirement accounts. Girlfriends and spouses are not the same thing. If married, a spouse must give written consent to be removed as the primary beneficiary. But an unmarried person may name anyone of their choosing as the beneficiary of their retirement account.
Posted: Fri Sep 02, 2011 04:41 pm Post Subject: father pass girlfriend poses as wife
this account is ira tranfer account to annuuity account and and girlfrind claim to be wife and to annuity is there any thing I can do I have found paperwork were she claims she neer married him but claim she is wife in our state there is no common law and probate is done and the copy of paperwork the I received about his application is not his writing and it does not look like his signature please advise the form claim spouse receives benificary she is claiming spouse There is a contingent benificary I sent this and the letter I have were she claims she never married him to the insurance conpany and they ssid she is the benificary
Posted: Sat Sep 03, 2011 01:50 pm Post Subject:
What is your connection to all this? If a person is unmarried, they may name anyone or anything as an IRA beneficiary.
Posted: Tue Dec 30, 2014 06:17 pm Post Subject: beneficiary
In ohio if you marry and already have an IRA rollover, annuity and any other retirement account, do you need to change the beneficiary to your new husband or can you leave it to your child as intended prior to marriage.
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