Who is the actual beneficiary of your annuities?

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PostPosted: Mon Feb 02, 2009 2:05 pm   Post subject: Who is the actual beneficiary of your annuities?  

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?

marc
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PostPosted: Tue Feb 03, 2009 9:01 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.


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PostPosted: Tue Feb 03, 2009 9:20 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.

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PostPosted: Tue Feb 03, 2009 1:53 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).

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PostPosted: Thu Feb 05, 2009 12:23 am   Post subject:   

Quote:
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?


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PostPosted: Thu Feb 05, 2009 5:54 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



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PostPosted: Thu Feb 05, 2009 9:58 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.



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PostPosted: Thu Feb 05, 2009 12:13 pm   Post subject:   

Quote:
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?


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PostPosted: Fri Dec 24, 2010 4:07 am   Post subject: ANNUITIES  

IS THERE A TIME LIMIT TO DISPUTE THE PAYMENTS TO THE RECIPIENT NAMED ON AN ANNUITY ??


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PostPosted: Sun Dec 26, 2010 7:38 am   Post subject:   

Quote:
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?


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PostPosted: Mon Jun 20, 2011 6:36 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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PostPosted: Tue Jun 21, 2011 2:57 am   Post subject:   

Before you get too excited and go out to hire an attorney, you should write a strongly worded letter in your own words to Mr. Alan J. Kreczko, Executive Vice President and General Counsel, at



The Hartford Financial Services Group, Inc.

Office of General Counsel

One Hartford Plaza

Hartford, CT 06155



to the effect that you have satisfied all of The Hartford's requirements to prove your claim to your 50% share of the annuity proceeds (be sure to include the policy number), and that The Hartford is demonstrating BAD FAITH by holding your proceeds hostage to another beneficiary who refuses to claim his share.



Be very adamant, and tell them that if they want to send your brother's share to the state's unclaimed property office, you could care less, but if they attempt to do that with your share that you will seek specific, general, and punitive damages through civil litigation.



Start keeping track of the things you might have purchased with the money, or bills you might have paid off, and the cost of the items or the interest you are subsequently paying. Those would be specific damages. Your sleepless nights, wondering how you're going to pay your bills, or purchase that vehicle you need to get to work, or the medical treatment you need . . . those are all types of general damages (the "pain and suffering" stuff).



The punitive damages are what judges and juries have discretion to award over and above the specific and general damages to "spank" a person (such as an insurance company) for their bad behavior in hopes that they will not do the same thing in the future to you or someone else. Punitive damages can double or triple the other money you are awarded, and your lawyer will be happy to collect his 30%-40% share of the entire amount.



Keep us posted on how things are going.



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PostPosted: Wed Jun 22, 2011 3:14 pm   Post subject: Annuity  

Here is an update to my post from yesterday. My agent called me this morning, Hartford is going to pass this on to the courts to decide, interpleader is the term he used. Here is some addiotonal information I have; my brother has a form that my mother signed in 2009 making him the full beneficiary, that form was sent to Hartford and they reviewed it and denied his contesting that he should be the only beneficiary. Hartford denied the claim because the paper work my brother sent in was on a MONY form! In 2009 the agent sent the original form that my mother had signed to change beneficiaries back to her and asked her if she wanted to redo the paperwork, she said "NO" I don't want to do anything at this time and put it in her lockbox. My brother is going to present to the court that it was my mothers intent that he was to receive all the money.



I talked with the agent this morning and he will testify in court that my mother told him that she changed her mind (in 2009) and that she wanted the forms mailed back to her, including the original. My brother is still determined to claim all of the money. So it's off to court we go!!



Any advise you can provide me would be greatly appreciated.


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PostPosted: Thu Jun 23, 2011 9:22 am   Post subject:   

It's a good thing that you have the testimony of the agent available. If a court case has been filed (or this is in process in the probate court already) if you have not already done so, you might want to get a probate/estate attorney involved and conduct a deposition of the agent "just in case" (even if something tragic were to occur, a deposition is legally admissible as evidence).



Quote:
My brother is going to present to the court that it was my mothers intent that he was to receive all the money.




Utterly meaningless (as long as the judge understands insurance law). Unless a beneficiary change statement is properly filed with the insurance company PRIOR to the death of the insured, it is not possible to submit one after the insured's death -- even if it is dated prior to that date of death (always room for forgery or alteration of a date there). To be effective, it would have to have been mailed and postmarked the day prior to your mother's death.



The court should properly rule that the proceeds are divisible 50-50, and if your brother still won't sign the appropriate claim form, you will get your share regardless. The "interpleader" is the Insurance Company's way of "washing its hands" of the whole mess. They give the entire death benefit to the court, ending their responsibility to any and all beneficiaries, and leave it up to the court to sort out the distribution.



It might cost you $1000-$2000 to hire an attorney to defend your position. Because of the nature of the dispute, if your lawyer asks for his fees and expenses as part of the distribution, it could be deducted from your brother's share of the proceeds and passed to you. That, too, is a matter for the court, not the insurance company.


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PostPosted: Thu Jun 23, 2011 1:36 pm   Post subject: Annuity  

Thank you so much for your timely responses. I have engaged an attorney and after discussions with him feel confident I will receive my share of the proceeds. His response was very similar to yours.



Again, thank you and I will post the outcome of the interpleading. I'm nervous but confident.



G


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