Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jonathan-blake27
New Member

My dad had an annuity, no beneficiary, is it possible that I get no money from it, even after taxes and fees. Like could the annuity company/state just take the money?

 
1 Best answer

Accepted Solutions
MinhT
Expert Alumni

My dad had an annuity, no beneficiary, is it possible that I get no money from it, even after taxes and fees. Like could the annuity company/state just take the money?

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.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies
MinhT
Expert Alumni

My dad had an annuity, no beneficiary, is it possible that I get no money from it, even after taxes and fees. Like could the annuity company/state just take the money?

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.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dmertz
Level 15

My dad had an annuity, no beneficiary, is it possible that I get no money from it, even after taxes and fees. Like could the annuity company/state just take the money?

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.

Dynamic AdsDynamic Ads
Privacy Settings
v