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Even if your father has not designated a beneficiary for his annuity, the annuity account holder or the state cannot "take" the money.
When a person dies intestate, or without a will, the laws of the state where he resided determine how his estate is distributed. According to these laws, specific family members, or heirs, have a right to inherit a share of the decedent's property.
Even if your father has not designated a beneficiary for his annuity, the annuity account holder or the state cannot "take" the money.
When a person dies intestate, or without a will, the laws of the state where he resided determine how his estate is distributed. According to these laws, specific family members, or heirs, have a right to inherit a share of the decedent's property.
It's possible for an annuity to have no death benefit. It depends on the annuity contract.
If the annuity does have a death benefit and the annuity has no designated beneficiary, the death benefit distribution will be made to the default beneficiary indicated in the annuity contract.
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