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  1. #1
    sneaker is offline Junior Member
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    Sole Beneficiary?

    PA

    Hello, my husband's father passed away recently and his brother is the executor. The executor called and said that an annuity was left to my husband and he should hand it over to the estate. My husband is confused and decided to call the insurance company, they confirmed that my husband is in fact the primary beneficiary.

    Since the initial call the executor has called and stated that the agent of the annuity had another benificiary form (dated 8 months old) at his office that went to all of the children. My husband called the insurance company again and they had recently received that form and said they would not honor it because my Father-in-law had passed away before the form was received.

    What is going on here? Should we trust what the agent has produced? This agent happens to be the brothers agent. How long should an agent sit on a beneficiary form before he submits it? This is a fairly close family with 5 children, so if my husband keeps the money he may impact his relationship with all of his sisters and brothers. Can the other children open a lawsuit against my husband if he decides to keep it?
  2. #2
    anteater is offline Senior Member
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    Seems to me that the major question here is not legal but whether your husband wants to risk jeopardizing the relationship with his siblings. If he is not worried about the relationship, then he should claim the annuity. If he feels that the relationship is more important, he can contact the insurance company to see what he needs to do to disclaim and let the executor claim the proceeds for the estate.

    How long should an agent sit on a beneficiary form before he submits it?
    Zero days.

    Can the other children open a lawsuit against my husband if he decides to keep it?
    Anybody can bring a lawsuit for just about anything. But, from what you say, the insurance company has determined that the later beneficiary designation is not valid. Seems to me that, if the executor/siblings have a beef, it is with the insurance company.
  3. #3
    Dandy Don is offline Senior Member
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    This is the husband's money and it looks like brother executor is trying to pull a fast one. Additionally, brother lied by telling husband that he needed to turn that money over to the estate, when actually he does not.

    IF the husband wishes, he could ask the insurance company for a copy of the newer designation form and examine it to see if it is notarized and look at the signature to see if it looks like his father's and then decide whether he wishes to personally split the money among the other siblings on his own after he receives the check, but right now it's his money free and clear of any other obligations. Aren't there other assets that the other siblings will be sharing in anyway?
  4. #4
    Betty is offline Senior Member
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    I agree with Dandy Don - from your post it seems annuity should go to your husband. The children can contest but it doesn't mean they will win. It's strange that the agt. would not send in a change in bene form to the co. for 8 months. The ins. co. apparently is not going to honor it.
  5. #5
    sneaker is offline Junior Member
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    Husband called the insurance company, they will not send us a copy of the new beneficiary form. They also will not honor the new form. Heated arguments have already started between executor and my husband. Now my husband is going to go to the agent for a copy of the new form which the agent will surely say is authentic. Does a beneficiary form need to be notarized? This whole thing smells. If the form is authentic, the agent in my opinion has been negligent and caused my husbands family additional grief.
  6. #6
    seniorjudge is offline Senior Member
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    Sounds like your hubby gets the whole deal.

    That's what pa intended.

    Congratulations.
    There are two rules for success:

    (1) Never tell everything you know.
  7. #7
    anteater is offline Senior Member
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    Quote Originally Posted by sneaker View Post
    Husband called the insurance company, they will not send us a copy of the new beneficiary form. They also will not honor the new form. Heated arguments have already started between executor and my husband. Now my husband is going to go to the agent for a copy of the new form which the agent will surely say is authentic. Does a beneficiary form need to be notarized? This whole thing smells. If the form is authentic, the agent in my opinion has been negligent and caused my husbands family additional grief.
    I know of no law that requires notarization of an annuity beneficiary form. And, in my experience, the vast of majority of companies do not require it. Just think of the boom in the notary business if beneficiary designations required notarization.

    I really don't understand what your husband hopes to accomplish by searching out this form. The insurance company has made its decision. Is it just curiosity? Is it that he will change his mind if he feels that the newer form actually expressed his father's wishes?

    You are correct that a supposedly 8 month-old, unsubmitted beneficiary change form surfaceing now reeks.
  8. #8
    sneaker is offline Junior Member
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    Yes, I believe he will distribute the funds if he feels the form expressed his fathers wishes.
  9. #9
    Betty is offline Senior Member
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    Apparently the ins. co. has made their decision that your husband should get the money. If your husband can get a copy of the new bene form & he has any doubts about it, he definitely should not give any of the proceeds to the siblings unless he wants to (wants to share it). If he keeps the money & they sue your husband for the money, it will be decided in court who should get the money.

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