Legal Question in Wills and Trusts in Arizona
Sir or Madam:
I have a question regarding what is, unfortunately, a probable common error. My late Mother purchased an annuity six months before she died. The annuity was originally willed to two beneficiaries (I was not one of them). Two months before she died, she had a pour over will and trust drawn up in which the proceeds from the annuity were to be divided between four beneficiaries. She did not contact the insurance company thinking that the pour over will would of itself insure that the annuity would now be divided between four beneficiaries instead of two. A county Superior Court has ruled in probate that it will not divide the annuity's proceeds between the four beneficiaries listed in the trust and that only the two listed on the actual policy will receive anything citing that the annuity is not subject to probate. Does this mean I'm completely shut out? The trustee has stated he has no intention of following the terms of the trust and intends to disenfranchise me keeping not only his portion but also mine.
1 Answer from Attorneys
Yes, you are out of luck. The annuity is a contract which provides for who benefits, upon the death of your Mother. She had to change the beneficiaries on the contract, in order to include the four, instead of the two.
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