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Question on annuities
- Thread starter gusord1
- Start date
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not2cleverRed
Obvious Observer
who is the beneficiary? Oh wait, in the other thread he states that there is no beneficiary.
I guess it would be depend on which is true, and whether OP's wife has a will.
I guess it would be depend on which is true, and whether OP's wife has a will.
Last edited by a moderator:
Taxing Matters
Overtaxed Member
What happens is that the beneficiary she named would become the owner of the annuity. If no beneficiary is named, then the annuity would go to whomever the default beneficiary is under the contract, if the contract has that sort of provision in it. That would likely be you, if you survive her. If the annuity contract does not provide for any default beneficiaries then the annuity goes to her estate and then gets distributed as her will says (if she has one) or as the state intestate succession law says (if she does not have a will).
InsuranceGuy
Junior Member
What Type of Annuity is Involved? That Dictates the Answer
What is really important is the type of annuity the person purchased.
Life annuities pay money each month but only for so long as the named annuitant lives. On his or her death, the payments cease. With that type of annuity no beneficiary is named as it ends on the person's death.
Some annuities provide for payments during the lifetime of the annuitant and also guarantee that if the annuitant dies before a set period (such as 10 years) payments will continue for the remainder of those 10 years to a named beneficiary. If that's they type you would need to name a beneficiary who would receive the funds for the remainder of the period.
Other annuities are "deferred" annuities where the funds merely accumulate and payments are deferred until the owner elects for them to start. With such annuities a beneficiary is essential.
What is really important is the type of annuity the person purchased.
Life annuities pay money each month but only for so long as the named annuitant lives. On his or her death, the payments cease. With that type of annuity no beneficiary is named as it ends on the person's death.
Some annuities provide for payments during the lifetime of the annuitant and also guarantee that if the annuitant dies before a set period (such as 10 years) payments will continue for the remainder of those 10 years to a named beneficiary. If that's they type you would need to name a beneficiary who would receive the funds for the remainder of the period.
Other annuities are "deferred" annuities where the funds merely accumulate and payments are deferred until the owner elects for them to start. With such annuities a beneficiary is essential.