@Gibbon13 wrote:
Thanks MaryK1101 for your answer. Just to clarify one point. My mother is still alive. The lump sum was paid because the insurance was linked to annual pension or lump sum payment at the maturation date. Would this make a difference?
That does not add up. A "benificuary" is only paid after the death of the account owner. If the account owner is alive then the payment must go to the account owner. Seems like a mistake was made. The payer should be contacted.
Perhaps German law is different.
A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. You can name: One person. Two or more people.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
