Legal Question in Wills and Trusts in Florida
My parents lived and died in Florida and left my son as the trustee of the Estate. There is an Annuity and the Lawyers office sent my Sister & I a letter to sign a waiver regarding this Annuity. We were told we don't get anything even though our names are listed as the beneficiaries because he is the Trustee...this also went through probate. They said if we don't sign then they can't close the case. After a while the Judge will ask why it is not closed and have a trial but my Sister & I won't be called because we are not entitled to any monies. This Annuity is with an Insurance Co., do we have the right to see the Annuity and if we are the beneficiaries shouldn't we get that money?,does my Son have the right to this Annuity?
Sorry this is long but I don't know the law and can't afford a Lawyer. I don't think we are being told the truth and I have no way of finding out.
Thank you
Marlene
3 Answers from Attorneys
If you are not a beneficiary then why is the attorney trying to get you to sign a waiver? I suggest you look at the trust agreement - if the estate has been probated take a look at the probate file. Something here is not right. You may need to report this attorney to the Florida Bar.
Look at the Trust because you may in fact be a beneficiary and entitled to money. You can go to the probate court to get copies. Regards,
On any financial product, in this case an Annuity, there is typically a beneficiary designation. If a beneficiary has been identified, then the beneficiary is entitled to the financial product (if there are two beneficiaries, then it's split 50/50). However, if no beneficiary was identified on the financial product, then the proceeds go to the decedents estate.
With a trust, the Will typically states that all Estate Assets go to the Trust and the Trust will distribute them to whoever the Trust Beneficiaries are.
If, during the probate process, and attorney is asking for you to waive your interest in the Annuity, it sounds as though you might be the beneficiary of that product. One reason the attorney might be threatening to go to court is to try to have the beneficiary designations disregarded so that they can then go into the trust where you might or might not be a Trust Beneficiary.
Two things, as the other two attorneys who have responded stated, get a copy of the Will and Trust Agreement. I would also contact the Annuity company and find out directly from them whether you are a beneficiary of that product. If so, you don't have to go through the estate attorney at all - deal directly with the Annuity company. Whatever happens, if there is a hearing, make sure you appear and ask why the estate attorney wants you to waive any rights you have to the Annuity and that you would rather not waive that right; especially if you end up not being a Trust Beneficiary.
There is much more that could be commented on with your question; but not all the facts were given.
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