Annuity Beneficiary

[feurich]

Hi...I am wanting to know if there is a time limit on filing claim as an annuity beneficiary. My mother died 4 months ago...my brother and I were joint beneficiaries. The company is ING. It has been a difficult time and I haven't finished the paperwork for my portion of the beneficiary. Then...two weeks ago my brother dropped dead.
This is a short version of the story...I am concerned that I may have lost my claim as a beneficiary. I am sorry I don't know all the financial terms...I hope I am making sense.
Last week my son talked to ING for me and they told him that I would assume my brothers portion of the annuity too...since no one else is named on the contracts. He has a wife and grown children...it would seem to me that his portion of the contracts would fall to his wife. His will left everything to her.
I would sincerely appreciate it if anyone could help me here. I am very worried about my status as beneficiary. Thanks!!
Mike

 

[winnersgetdinners]

did you try to contact them personally?

 

[xrac]

I would talk to ING directly or to the agent who sold the annuity if they are around. Based upon what I understand I believe your brother's portion of the annuity will pass to his heirs.

 

[agent m]

Is it ILIAC or ReliaStar? That way you can talk to the right people.

 

[hammerken]

It depends on what state you are in. Contact ING. They will be able to guide you through the process.

 

[Tahoe Ray]

It depends on what state you are in. Contact ING. They will be able to guide you through the process.

Agreed, however try to talk to a manager and explain the situation. Depending on the bene designation and instructions (per stirpes vs. per capita), your outcomes may vary.

With regards to annuities, my experience has been that the surviving primary beneficiaries inherit 100% of the death benefit (since most of the bene designations offer few specific instructions and carriers may default to per capita as it is much easier to administer). If there were two, three or more benes but only one remains, the last standing bene receives the entire benefit, essentially disinheriting the deceased bene's estates.

You situation however, is different. Because your brother survived the owner/annuitant, depending on your state the death benefit could be considered "vested" and his estate would be entitled to his share.

Please make sure that you talk to someone knowledgeable at ING and explain your situation. Kudos for thinking this through and trying to do right by your brother's family.

 

[bill3173]

With regards to annuities, my experience has been that the surviving primary beneficiaries inherit 100% of the death benefit (since most of the bene designations offer few specific instructions and carriers may default to per capita as it is much easier to administer).

That's what I've seen, except on really old policies where the per stirpes was allowed. I've run across a couple of really old(1950's) annuities that allowed the owner to designate benes per stirpes.

I really don't see what the problem is, she could always give half to her brother's family, if they paid her the full amount and she wanted them to have it.

The carrier will tell you exactly what they'll do in this situation.