If my step dad dies with me being the beneficiary of his aunnuity, will I be able to cash it out????...He has no will.

[mytaxq58]

Is it best for him to have a will or trust???? Besides the annuity with my name being the beneficiary we have a joint savings account also..What happens to that???

[Hal_Al]

Those are not tax questions, they are legal questions.

I’m not a lawyer. But, generally your ability to cash out the annuity is based on the terms of the annuity contract. There my be a penalty for cashing it out.

The savings account depends on who it is titled. If it’s a joint tenancy with right of survival (JTWROS),  you become the full  owner upon the death of the co-owner.

There are no tax consequence with inheriting the other half of the savings account. But, cashing out the annuity usually results in some/most (the growth/earnings portion) of it being taxable.

[x2rrm]

It is ALWAYS best to have a will or better a Revocable living trust to avoid probate. You need to see a lawyer about either of these. He can also answer your other questions.