Legal Question in Wills and Trusts in Virginia
Annuity Beneficiary
I am a beneficiary on three annuities for my deceased grandmother. I was also her power of attorney, but am not the exectuor of her will, which is my aunt, also a beneficiary. The will states nothing about the annuities or their distribution, only about personal property. As a beneficiary for the annuities, can these annuities go through probate or are they exempt? My aunt says she want the will to go into probate. How does that affect the annuities' beneficiaries?
3 Answers from Attorneys
Re: Annuity Beneficiary
If the annuites contain a POD(Payable on Death)
provision with named beneficiaries, as with life insurance contracts, the proceeds/funds should be payable to such beneficiaries outside of the probate process.
However, if the annuity contracts contain no such named beneficiaries or name the estate of the decedent as the beneficiary, then the annuities will likely have to go through the probate process.
Re: Annuity Beneficiary
If the annuities contain a POD(Payable on Death)
provision with named beneficiaries, as with life insurance contracts, the proceeds/funds should be payable to such beneficiaries outside of the probate process.
However, if the annuity contracts contain no such named beneficiaries or name the estate of the decedent as the beneficiary, then the annuities will likely have to go through the probate process.
Re: Annuity Beneficiary
If the annuities contain a POD(Payable on Death)
provision with named beneficiaries, as with life insurance contracts, the proceeds/funds should be payable to such beneficiaries outside of the probate process.
However, if the annuity contracts contain no such named beneficiaries or name the estate of the decedent as the beneficiary, then the annuities will likely have to go through the probate process.
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