Does a Will supersede or take precedence over annuity beneficiary’s instructions?
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Does a Will supersede or take precedence over annuity beneficiary’s instructions?
My ,other left the proceeds of an annuity to my children. The beneficiary instructions state the proceeds are to be held until the children reach age 35. This was consistent with the Will. I was later amended the requirement to age 25 and the trustee may use the funds to pay for the education of the beneficiary but the annuity instructions were never updated before she passed. The trustee has not been able to get the distribution released from the annuity company based on the requirement in the beneficiary instructions.
Asked on August 29, 2012 under Estate Planning, Georgia
Answers:
Catherine Blackburn / Blackburn Law Firm
Answered 12 years ago | Contributor
Resolving this issue is going to require hiring a lawyer. It is simply too complicated, there are too many possible outcomes, and the insurance company is not going to agree with you.
Ordinarily, the beneficiary designation would control no matter what the will says. However, it sounds like the beneficiary designation either imposes some kind of trust, the will creates a trust, or your significant other had a separate trust. In Florida, and I would assume all other states, trust provisions can sometimes be clarified or changed.
I hope this helps you.
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