Legal Question in Wills and Trusts in Florida
Should Living Trust be designated primary beneficiary on Annuities
Bothy my husband and I have variable annuities in our individual names naming each other as beneficiary. Should we change beneficiary to our Living Trust or will it be o.k. to keep as is with Living Trust the secondary beneficiary?
1 Answer from Attorneys
Re: Should Living Trust be designated primary beneficiary on Annuities
If you already have each other as beneficiaries on your respective annuity then it is not necessary to change it. As long as you are aware that once the owner of the annuity passes away, the beneficiary will receive 100% of the annuity. Usually a Trust is set up to avoid probate and it further makes a determination as to who is to receive what asset at what given time. In your case if you are content with the beneficiary receiving the whole amount immediately then leave it. This is also a great way to set up accounts to avoid probate.
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