Q: Question regarding Will and Beneficiary status for pay on death annuity.
Father recently passed and I have 2 questions regarding the will/accounts.
There is a section in the will that states "By separate document(s) I may have made a series of specific bequests and although I know that these bequests are not legally binding upon my fiduciary, I hereby request that my executor or his successor executors comply with my requests." It has come to my attention (via a statement from my father's accountant) that an annuity that only listed my brother as a beneficiary, was actually to be split between the two of us equally. The account said my father understood that would not be the case legally, but that he understood that and the accountant received verbal confirmation from my brother that upon payout he would give me half, as per my father's desire. Now that my father has passed, my brother says the money is his and that he is not required to pay me half, regardless of what was agreed upon before death. Do I have any legal argument?
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A:
It's important to review the specific language in your father's will and any separate documents he may have created regarding the disposition of his assets. Depending on the specific wording of the will and any other documents, you may have a legal argument for receiving a portion of the annuity proceeds.
In general, a pay-on-death (POD) designation on an annuity account typically supersedes any instructions in a will, meaning that the named beneficiary is entitled to the full amount of the account upon the account holder's death. However, if there is evidence that your father intended for the account to be split between you and your brother, despite the POD designation, this could potentially be used to support a legal claim.
It's also important to consider the specific laws in your state and any other relevant factors, such as the terms of the annuity contract and the actions or statements of your brother or the accountant.
If you believe that you have a legal claim to a portion of the annuity proceeds, it may be helpful to consult with an attorney who specializes in probate and estate planning. An attorney can review the relevant documents and advise you on your legal rights and options.
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