H
hector_tc
Guest
What is the name of your state? Maryland
I previously resided in Utah for many years. In Utah I set up a revocable living trust with a Bank as the trustee and myself as the trustor (Grantor of the trust). The trust was NOT initially funded. I had various investments, annuities, and life insurance contracts and I designated the trust as the beneficiary. My intent was to have the trust managed to benefit my wife and minor children after the time of my death.
Years went by, the children reached age 21, my wife and I divorced (after 29 years of marriage). Under the divorce decree, I transferred ownership of an insurance annuity policy (Policy-AA) to my (ex-) wife. We filled out a form and sent it to the insurance company and the ownership of the annuity (Policy-AA) was transferred from my name to her name. So she then owned the annuity. My ex-wife remarried.
Shortly after the divorce was final I went to the Bank and revoked the trust (which had no assets). Everything was simple and routine, and there were no problems.
Six years go by. Within the last month, my ex-wife died from illness. Her husband is the executor of her estate. It turns out that the (now-revoked) trust which I mentioned above is still the designated beneficiary of the insurance annuity (Policy-AA). My ex-wife never made any change in the beneficiary of the annuity, and so the beneficiary still stands as the now-revoked trust.
My question is this: since I was the trustor who initially set up the trust and then later revoked the trust, am I now legally entitled to be the beneficiary of the proceeds from the Policy-AA annuity? The executor of the estate has sent me the claim form of the insurance company. There is a form which I would sign as trustee which states that the insurance company will not verify that the trust is still in force and will not verify that I am acting within my rights as trustee. So it appears that I can simply fill out the claim forms and then the insurance company will send me the proceeds of the annuity.
Thanks in advance for your help.
I previously resided in Utah for many years. In Utah I set up a revocable living trust with a Bank as the trustee and myself as the trustor (Grantor of the trust). The trust was NOT initially funded. I had various investments, annuities, and life insurance contracts and I designated the trust as the beneficiary. My intent was to have the trust managed to benefit my wife and minor children after the time of my death.
Years went by, the children reached age 21, my wife and I divorced (after 29 years of marriage). Under the divorce decree, I transferred ownership of an insurance annuity policy (Policy-AA) to my (ex-) wife. We filled out a form and sent it to the insurance company and the ownership of the annuity (Policy-AA) was transferred from my name to her name. So she then owned the annuity. My ex-wife remarried.
Shortly after the divorce was final I went to the Bank and revoked the trust (which had no assets). Everything was simple and routine, and there were no problems.
Six years go by. Within the last month, my ex-wife died from illness. Her husband is the executor of her estate. It turns out that the (now-revoked) trust which I mentioned above is still the designated beneficiary of the insurance annuity (Policy-AA). My ex-wife never made any change in the beneficiary of the annuity, and so the beneficiary still stands as the now-revoked trust.
My question is this: since I was the trustor who initially set up the trust and then later revoked the trust, am I now legally entitled to be the beneficiary of the proceeds from the Policy-AA annuity? The executor of the estate has sent me the claim form of the insurance company. There is a form which I would sign as trustee which states that the insurance company will not verify that the trust is still in force and will not verify that I am acting within my rights as trustee. So it appears that I can simply fill out the claim forms and then the insurance company will send me the proceeds of the annuity.
Thanks in advance for your help.