Legal Question in Wills and Trusts in California
I am the executor of my mother's estate of $500,000. Her assets are to be split in three "equal shares." The shareholders are: (1) myself, (1) my sister, and (1) four of her adult grandchildren of a deceased sister (their mother).
As executor, I have discovered that my mother had an annuity listing my sister and myself (not the four grandchildren) as beneficiaries. She bought this annuity after she had her will written, and didn't include the grandchildren in it.
My question is: Do I need to include what my sister and I inheirited from the annunity as part of the estate?
2 Answers from Attorneys
Sorry for your loss.
You do not need to include the annuity in the estate. Since the annuity has a valid beneficiary designation, that asset passes outside of the estate according to the beneficiary designation. The assets in the estate are distributed according to the terms of the Will to the named beneficiaries in the Will.
I agree with Ms. Rouse. The annuity passes outside of probate to the designated beneficiaries.
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