Who will inherit if there are different beneficiaries of the same annuity? 22 Answers as of May 14, 2014

The beneficiaries listed on an annuity dated 2009 states the person A and B. The will dated 2011 states that the person C should inherit all proceeds from the same annuity. Who would inherit?

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Christine Sabio Socrates Attorney at Law | Christine Socrates
The beneficiary named on the annuity would receive.
Answer Applies to: Ohio
Replied: 5/14/2014
Edward L. Armstrong, P.C. | Edward L. Armstrong
It all depends on how the beneficiary designation is written. Will the first two share proceeds? Will the one receive proceeds if the other dies first? Will C take the fund only if A and B have died? You need to read the designation and then ask the insurance company.
Answer Applies to: Missouri
Replied: 5/14/2014
Ronald K. Nims LLC | Ronald K. Nims
Persons A & B will each get 50% of the annuity. The distribution of an annuity is controlled by the contract between the deceased and the insurance company. A will will only affect distribution if the contract is blank on the beneficiary issue.
Answer Applies to: Ohio
Replied: 5/1/2014
Law Offices of George H. Shers | George H. Shers
I am not sure, but I think the annuity is like life insurance. The proceeds from life insurance go to the persons named as beneficiaries and the life insurance amount is not part of the Will or estate. A probate attorney should be able to answer your question quickly, get a copy of the annuity to bring to them.
Answer Applies to: California
Replied: 5/1/2014
Attorney At Law | James G. Maguire
The beneficiaries named in the annuity.
Answer Applies to: Louisiana
Replied: 5/1/2014
    Law Ofices of Edwin K. Niles | Edwin K. Niles
    Usually the beneficiaries named on the annuity.
    Answer Applies to: California
    Replied: 5/1/2014
    Donald T. Scher & Associates, P.C.
    Donald T. Scher & Associates, P.C. | Donald Scher
    A and B will receive the proceeds. The annuity passes to A and B, by operation of law, it is not a probate item and is not affected by the Will.
    Answer Applies to: Arizona
    Replied: 5/1/2014
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    The annuity controls as a change of beneficiaries was apparently not executed with the carrier of the annuity.
    Answer Applies to: California
    Replied: 5/1/2014
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    The will does not affect the annuity. The annuity is a contract between the buyer and the annuity company. The annuity company is going to pay to A and B.
    Answer Applies to: Oregon
    Replied: 5/1/2014
    Peters Law, PLLC
    Peters Law, PLLC | Mark T. Peters, Sr.
    I believe that the annuity will pay to A and B. It is a contract between the decedent and the insurance company. The insurance company will only want to pay who the decedent told it to pay.
    Answer Applies to: Idaho
    Replied: 5/1/2014
    Ashcraft & Ashcraft, Ltd.
    Ashcraft & Ashcraft, Ltd. | Randall C. Romei
    Annuities would typically have designated beneficiaries filed with the insurance company. The identity of the beneficiary must be changed on the records of the insurance company. The insurance company will distribute the annuity according to the terms of the annuity to the beneficiary recorded with the insurance company. The assets of the annuity are not typically an asset of the estate unless the estate is named as the beneficiary or the named beneficiaries do not survive the insured. If the assets of the annuity are not part of the estate then the directions in the Will do not control and the specific bequest becomes a lapsed legacy.
    Answer Applies to: Illinois
    Replied: 5/1/2014
    Sebby Law Office
    Sebby Law Office | Jayne Sebby
    If the annuity names the beneficiaries as payable upon death, the annuity would not be part of the estate and, therefore, C would not be able to inherit the proceeds.
    Answer Applies to: Nebraska
    Replied: 5/1/2014
    Vandervoort, Christ & Fisher, P.C. | James E. Reed
    It sounds like the owner has named A and B as the beneficiaries on the annuity, so it will go automatically to them. The annuity will not be part of the estate, so the Will has no affect on the ownership.
    Answer Applies to: Michigan
    Replied: 5/1/2014
    Law Office of Pamela Braynon | Pamela Y. Braynon
    The company holding the annuity will distribute to those listed as beneficiaries if the deceased did not note the changes to the company.
    Answer Applies to: Florida
    Replied: 5/1/2014
    Arthur H. Geffen, P.C.
    Arthur H. Geffen, P.C. | Arthur Geffen
    The beneficiary designation on the annuity controls.
    Answer Applies to: Texas
    Replied: 5/1/2014
    James Law Group
    James Law Group | Christine James
    The named beneficiaries on the annuity itself will inherit.
    Answer Applies to: California
    Replied: 5/1/2014
    O'Keefe Legal Services, L.L.C.
    O'Keefe Legal Services, L.L.C. | Sean P. O'Keefe
    In Maryland, the applicable beneficiary designation document for the annuity typically controls, and trumps the will provision, so it is likely A and B will receive the annuity proceeds. The will provision may apply if the annuity proceeds cannot not pass through the governing beneficiary designation(s) in the annuity contract, but it sounds like that is not the case here.
    Answer Applies to: Maryland
    Replied: 5/1/2014
    Frederick & Frederick PLC | James P Frederick
    Persons A & B. The Will is irrelevant when there are beneficiaries listed.
    Answer Applies to: Michigan
    Replied: 5/1/2014
    The Center for Elder Law
    The Center for Elder Law | Don Rosenberg
    Simple, annuity beneficiaries by contract control regardless what the will says: with one caution, if you can prove that the beneficiaries are constructive trustee for all kids or there was some type of duress or undue influence when established.
    Answer Applies to: Michigan
    Replied: 5/1/2014
    Law Office of Patricia A. Simmons
    Law Office of Patricia A. Simmons | Patrica A Simmons
    Generally, the individual(s) designated as the beneficiary of the assets will receive it. Contact a probate attorney to discuss this matter in more detail.
    Answer Applies to: California
    Replied: 5/1/2014
    Law Office of Andrew Oostdyk
    Law Office of Andrew Oostdyk | Andrew Oostdyk
    If the Annuity has a named beneficiary to be payable on death to A and B, A and B will receive the proceeds from the Annuity, without the Annuity going through probate.
    Answer Applies to: Texas
    Replied: 5/1/2014
    Danville Law Group | Scott Jordan
    That would be A and B.
    Answer Applies to: California
    Replied: 5/1/2014
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