Legal Question in Wills and Trusts in New York
annuity
Is an annuity part of the deceased estate? Also does the annuity have to be included in the accounting of the disbursements? thank you.
Asked on 2/27/05, 5:25 pm
2 Answers from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Re: annuity
Unless there is a residual amount remaining unpaid, most annuities terminate on death. If there is a residual, unpaid balance, they usually have a named beneficiary who would receive any balance. If there is a balance, it is part of the estate, reportable in an accounting, and paid as the beneficiary designation specifies.
Answered on 2/28/05, 10:24 am
Arnold Nager
Arnold H. Nager, Esquire
Re: annuity
An annuity ceases upon the death of the annuitant.
Answered on 2/27/05, 10:10 pm
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