QUESTION
If I have been named as the beneficiary of my Mother's annuity, is it mine alone or do I have to share half with my sister?
Asked on May 21st, 2015 on Estate Planning - Oregon
More details to this question:
My Mother died without a will. I was named beneficiary of her annuity years ago. Does this become part of her estate or not? Thank you.
2 ANSWERS
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Legally, no the named beneficiary is paid by the annuity company as a contractual matter. Morally? Is your mother's estate plan "all to my two children equally" and did she maybe not understand that the annuity wouldn't be subject to her will (lots of people don't understand this)?
Answered on May 22nd, 2015 at 1:18 PM
Asset Protection Attorney serving Beaverton, OR
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FamularyThe Asset Protection Law Firm
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If you are the sole beneficiary of your Mother's annuity, then it is yours alone. The annuity passes outside of probate, and so the annuity is not controlled by the intestate statutes (the law that says what heirs get what interest of your Mother's property).
Answered on May 21st, 2015 at 4:52 PM