Who is the actual beneficiary of your annuities?

Posted: Mon Jan 05, 2015 08:17 pm Post Subject:

You probably do not need to change your Rollover IRA, and probably don't need to change the annuity. However, any employer-sponsored retirement account governed under ERISA depends on the Summary Plan Description to determine who the beneficiary is.

Some plans automatically make a spouse the beneficiary, and if you don't want that, then you have to get your spouse to sign a waiver of his/her rights to the account. If you no longer work for the employer, then you may want to consider transferring the account into your existing Rollover IRA account, which may still require your spouse's signature to waive any claim to the account.

When in doubt, you can always consult an estate planning attorney.

Posted: Wed Jan 14, 2015 10:07 pm Post Subject: Annuity

In 2012 my boss listed myself and (5) others as beneficaries of some annuities that he had. Sadley he pass away in 2014. It has been over a year now and we have still not been issued the proceeds from the annuities. Apparently his daughter filed claim for them on behalf of his surviving wife, whom also was listed as beneficary on some other annuities, and it will now go through an interpleader action. My question is will it be likley that these proceeds will not be paid to the listed beneficaries and will this interpleader action be a long drawn out process? Max seems to be very knowledgable about this and has already answered some of the questions I would have had.

Posted: Thu Jan 15, 2015 07:50 am Post Subject:

You don't mention what state this involves.

An interpleader action is too complex to attempt to handle on your own. Normally, they are filed in Federal District Court because the insurance company is not a "citizen" of the state where the action is taking place, or the litigants ("respondents") are citizens of different states, or both. You will need an attorney who specializes in Estate/Probate law and who has been admitted to the Federal Bar. That attorney will be better able to answer your questions in the context of applicable state law.

If the decedent and his wife were residents of one of the handful of Community Property states, AND the premiums were paid with Community Assets, then the surviving spouse is probably entitled to at least half of the annuity death benefit, which should be equal to or higher than premiums paid prior to death.

A surviving child who is not a named beneficiary, regardless of the state of residency of the decedent, probably has no entitlement to annuity proceeds unless they are payable to the estate of the decedent. But your attorney will know the answer to this.

Posted: Wed Jan 21, 2015 09:59 pm Post Subject:

Apparently this interpleader action will be filed in Kansas. This is where my boss had got the annuities. I was told that so long as there is proof, in which there is, that his widow has a very substantial amount of assets from his estate, buildings and homes that have been sold, as I mentioned before, other annuities, and a handful of other things, that there is a chance that we will still recieve the funds. The main question with everyone is how this was able to be done and how long it will take to find out.

Posted: Wed Jan 21, 2015 11:42 pm Post Subject:

You need the services of an estate/probate attorney . . . NOW!! Your questions need to be answered in the context of state law, and I am not up to date on Kansas probate law. I would not want to mislead you inadvertently. I can tell you that Kansas is not one of the community property states, which means that your former employer probably was not restricted from naming anyone of his choosing as a beneficiary, and was probably not required by law to name his spouse or children.

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