Legal Question in Wills and Trusts in California
Releasing Anuity to benefiary
I am the trustee to my grandparents trust. The last of the two just passed away. The name on their annuity was my grandfathers, not in the name of the trust. In order for the annutiy to be released to the beneficairy they have told my to get a ''letter of testamentary'' appointing me as exectutive. I went to the court, and was directed to the probate desk. They said they could not give that to me unless I had a case open with them. I thought that annuities did not have to go through probate so I am not sure what to do? How do I get a letter of testamentary without opening up a probate case with the court. I was under the impression as trustee of the trust that I could have the annuity given to the beneficiary. Are they telling me this because my grandfathers name was the owener of the account and not the trust? What do I do? If I have to open up a probate case, can I do it just for the annuity and not the other assets that are in the trust? Do I turn the trust into the probate court? And once I get the letter of testamentary can I somehow not go through with probate since that is all the annuity company is requiring? Thank you, Michelle
2 Answers from Attorneys
Re: Releasing Anuity to benefiary
You may very well have to probate the annuity. It depends upon how large the annuity is and if there are any named beneficiaries. The bottom line is that you need to contact an attorney to assist you in resolving your issues.
If you so desire, I would be glad to assist you. In any event, good luck.
Sincerely,
Kai H. Wessels, Esq.
(tel.: 877-Wessels)
Re: Releasing Anuity to benefiary
If the annuity is less than $100,000 it should not require probate (provided there are no other assets outside the trust).
Trust owned assets need not be considered in determining the value of the estate.
If there was a named beneficiary to the annuity, then probate would not be required in that case either.
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