Legal Question in Wills and Trusts in Arizona

Re: Secondary Beneficiaries

Annuities, like insurance or other products, operate based upon the written contract or terms established when the annuity was purchased. This is more of an insurance or financial planner question than a legal question.

In general, the primary beneficiary does not have the right to choose the alternate beneficiary, that is already designated by the purchaser as the secondary beneficiary. The owner of the annuity has the right to make these designations. A trust can also be the beneficiary of an annuity in most cases. See an estate attorney for complete coordination of the annuity with the rest of the estate plan, such as will, trust, powers of attorney, beneficiary deeds, etc. We offer free initial consultations at 480.835.1500.

Good luck.

Re: Secondary Beneficiaries

When the owner dies, the annuity goes to the primary beneficiary if the primary beneficiary is alive. In that case, the primary beneficiary can do whatever he wants with the annuity.

The ONLY way the secondary beneficiary will get the annuity is if the primary beneficiary dies before the owner.