Possible money owed on annuity

[sonofsam]

What is the name of your state? New Mexico

There was an annuity account left to me by my late grandfather, a resident of Florida at the time, with Massachusetts Mutual Financial Group when I was 1 year of age (1985). Recently, however, after I contacted MassMutual regarding this annuity, they said that the fund had been cancelled back in February 1985 a mere 30 days after it had been purchased and the money had been returned to the purchaser (my grandfather) because of some alleged technicality specifying that the owner of the fund must be the beneficiary of the fund. Furthermore, they informed me that they were unable to give me any further information because all the files pertaining to the fund had been conveniently destroyed 7 years after it was allegedly cancelled. Also, the Florida Department of Financial Services was also unable to help in any way, saying nothing more could be done because of the missing records.

I find the above story difficult to swallow for several reasons. Firstly, it specifically says in the documentation that I possess that was issued with the purchasing of the fund that the owner of the annuity may be the benificiary or it may be someone else (according to the form my grandfather filled out, my parents are listed as the owners of the fund, presumably because I was only 1 year of age at the time). Secondly, my grandfather himself was apparently not aware that the account had been canceled because he would certainly have said so or else set it right considering it was cancelled so soon after it was issued. Furthermore, I have a letter from him to my parents dated one week after the fund was allegedly cancelled and in it he explains all about the fund and its benefits and details concerning it etc. Obviously he was not aware at that time that the fund he believed he had just purchased had been cancelled and I have reason to believed he never did become aware. Thirdly, if there was a problem with the owner, the beneficiary or related terms I don't think the company would have issued the annuity in the first place.

So, considering all of this, I was wondering what, if anything, might be done about this legally. Any info would be of help.
Thanks

 

[Dandy Don]

Isn't it possible that grandfather may have needed the money for something else and decided to cash it in? How much was this annuity worth?

You are at a major disadvantage because you don't have access to the destroyed documents that would shed light on who actually applied for the annuity cancellation or the check that was issued.

Are your parents somewhat unscrupulous and could they possibly have closed the account out themselves, since they were named as account owners? Grandfather may have had the good intent of naming them account owners since they were your legal guardians, and he may have assumed that they would manage this account on your behalf, but it looks like they may have decided to close this account out themselves and the check would have been issued to them. Grandfather should have kept the account in his own name and listed you as beneficiary, but he may not have known that this was an option.

Doesn't look like much can be done unless someone at Massachusetts Mutual Financial could get you a copy of the cancelled check or if you could order a copy of it from your parents' bank if you know what institution they banked at.

DANDY DON IN OKLAHOMA ([email protected])

 

[sonofsam]

re:

No, I don't think my parents or grandfather cancelled it because according to Mass. Mutual they cancelled it themselves because of a tax law (they claim) prohibits the owner of a fund from being anyone but the annuitant but this is at odds with the official documents that came with the annuity.

 

[Dandy Don]

It HAD to be either one of them--no one else would have been able to cancel it! Have you considered the possibility that parents could have submitted your father's forged signature on the cancellation and possibly have gotten the check sent to another address or intercepted the check from his address?

Not much of anything can be done now, and you are probably afraid to talk to your parents to find out what they have to say about this.

 

[sonofsam]

No, actually my dad was the one who brought it to my attention. He corresponded with the Florida Department of Financial Services a while back but they were unable to help.