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Annuity

Discussion in 'Life Insurance, Annuities & Other' started by jiml, Jun 17, 2014.

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  1. jiml

    jiml Law Topic Starter New Member

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    I was named a the benificiary by a friend about 10-15 yrs ago. last year the friend was in a nursing home. her daughter had her declared incompetent and became guardian allowing her to make changes. changed the benificiary to her family a few days before she passed. can it be challenged? the issuer at the bank stated "i know her intentions and would be happy to testify as such". The guardianship was signed by a clerk but not by the judge to my knowledge.
     
  2. Betty3

    Betty3 Super Moderator

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    I was a life ins. underwriter & also worked with annuities plus beneficiary changes. At the major company I worked for & all the major companies we did reinsurance with, only the owner of the life ins. policy or annuity could change the beneficiary. In most (though not all cases) the insured is also the owner. If your friend was the owner of the annuity & named the beneficiary but later became incompetent, we would not let a guardian/conservator change the beneficiary without a court order allowing them to do so. The owner (if your friend) may not have wanted the bene to be changed. I would talk to lawyer about contesting. I'm surprised the company that issued the annuity would change the bene just at the guardian's request. Based on your last sentence, I'm not even sure this was a court approved/appointed guardian -not enough definite info to say. Good luck.
     
  3. jiml

    jiml Law Topic Starter New Member

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    the guardianship order gave the rights to change beneficiaries. The question in my mind is it was done at the last minute and to enrich the guardians family and also the fact that the order was not signed by the judge.
     
  4. Betty3

    Betty3 Super Moderator

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    "Maybe" (don't know) it was a court order than that the guardian could. You might run it by an attorney - it sure will not hurt. (explain everything to the attorney that you posted here) I can't, of course, see anything that the guardian might have so can't give a definite answer. (can't see what it says or how it is signed......)
     

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