A person gets everything in will.Somebody else is beneficiary of annuity. Who gets?
Posted on March 10th, 2008 in Annuity Insurance
nan19462 asked:
If somebody gets everything in a will does he also get everything,even money that somone else is named beneficiary in insurance policies or annuities? In other words, who wins, the person named in will or person named beneficiary?
If somebody gets everything in a will does he also get everything,even money that somone else is named beneficiary in insurance policies or annuities? In other words, who wins, the person named in will or person named beneficiary?
This post has 3 comments
March 10th, 2008
The named beneficiary get what is his.. Cash–insurance — annunities Per named WINS…
March 12th, 2008
When there is one or more named beneficiaries, it passes to the beneficiaries outside of the estate. The will would only apply for the annuity if there are is no beneficiary or the estate is the beneficiary.
However, the annuity would be figured into the gross estate if the estate is large enough to require estate tax.
March 15th, 2008
Anything that passes via contract, like life insurance (and sometimes annuities), is passed OUTSIDE the estate. The will doesn’t affect it.
So the person who’s the named beneficiary usually wins. Exception: in some states, a current spouse is automatically entitled to annuities and retirement funds, regardless of the beneficiary designation.
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