Legal Question in Wills and Trusts in Florida
Living Trust/Annuties/beneficiaries
If a Living Trust states ''any insurance policies'' are to be given to living grandchildren, are annuties considered insurance? The annuties, with death benefits, were contracted through a Life insurance company in 1993 listing other (not the grandchildren) family members listed as beneficiaries on the contract. However, the Living Trust was made and signed in 1994 and does not address beneficiaries for ''annuities''. It does read giving ''all the rest of my tangible personal property, together with any insurance policies thereon to living grandchildren''.
1 Answer from Attorneys
Re: Living Trust/Annuties/beneficiaries
If any insurance policy, annuity, bank account, etc., has a named beneficiary (who is alive at the decedent's death), that designation overrides any provision in the decedent's Will or Living Trust. The terms of a Living Trust are only effective over assets owned by the Trust or payable to the Trust upon the decedent's death.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
