Annuity Beneficiary Conflict

[rseefeld]

What is the name of your state (only U.S. law)? Minnesota

I am personal representative for estate. Decedent had an annuity that listed "my children" as beneficiaries (appears that annuity financial creator put this language in). At the time, he was older and had no children, and did not intend to have any children of his own. He did, however have 2 step-children (well beyond majority age). He had no intent to leave any of the annuity to the step-children. In fact, decedent made clear to the attorney who prepared his will that he did not care much for the step-children. The annuity itself defines children as NOT including step-children. His will leaves percentages of the estate to 12 different people, including the step-children, to a small extent.

The step-children are suing for the annuity money. How can I make sure the annuity money gets to the people in the estate the way it was designed to do? I searched for caselaw or some kind of precedent for this and have come up empty. Please help!

 

[Betty]

What is the name of your state (only U.S. law)? Minnesota

I am personal representative for estate. Decedent had an annuity that listed "my children" as beneficiaries (appears that annuity financial creator put this language in). At the time, he was older and had no children, and did not intend to have any children of his own. He did, however have 2 step-children (well beyond majority age). He had no intent to leave any of the annuity to the step-children. In fact, decedent made clear to the attorney who prepared his will that he did not care much for the step-children. The annuity itself defines children as NOT including step-children. His will leaves percentages of the estate to 12 different people, including the step-children, to a small extent.

The step-children are suing for the annuity money. How can I make sure the annuity money gets to the people in the estate the way it was designed to do? I searched for caselaw or some kind of precedent for this and have come up empty. Please help!

If the step-children are suing for the annuity money, the court will decide who gets it. If the annuity itself defined children as NOT step-children, it doesn't seem as if they would be entitled to the proceeds.

I don't know why "my children" were listed as beneficiaries by the financial creator of the annuity if deceased had no children of his own & didn't plan on having any. (& didn't plan on step-children getting anything)

 

[Dandy Don]

Let the greedy little buzzards waste their time and money trying to pursue a case they can only lose.

Is there a clause in the will penalizing anyone who contests?

You or your attorney need to be looking at Minnesota probate law to see how it defines stepchildren for purposes of probate and something else to consider is that you may want to discuss this aspect with the annuity company (without giving away too many identifying details to show that it's your case or maybe that is not a consideration here) to see what the annuity company's rules and regulations are about this matter, which can sometimes be different from state insurance law.

Please tell me that you are getting an attorney to defend your side and that you are not trying to represent your interests in this matter by trying to be your own attorney.

DANDY DON IN OKLAHOMA ([email protected])

 

[Dandy Don]

I wonder what year he purchased this beneficiary and whether someone sold it to him or whether he purchased it on his own. Under normal circumstances, the annuity company should have had him fill out a beneficiary designation form at the time he purchased the annuity.