Most all Annuities have a Beneficiary Designation which names an individual that you wish the proceeds to pass to. They will pass to the Beneficiary free of probate.
A Deferred Annuity will always have a named beneficiary.
An Immediate Annuity sometimes might not. But most immediate Annuities have Death Benefit Options that allow for the funds (or part of them) to pass to an individual.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
An annuity is a contract. If the company is holding money for a deferred time, that money is subject to the beneficiary provisions in the annuity. As long as there is a living beneficiary or trust, the money will be paid to them. If there isn’t a living beneficiary or trust to receive the money the proceeds will be included in the estate and distributed by will or law. If the annuity is paying benefits, the selected benefit will direct who would receive remaining or continued payments.
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Most all Annuities have a Beneficiary Designation which names an individual that you wish the proceeds to pass to. They will pass to the Beneficiary free of probate.
A Deferred Annuity will always have a named beneficiary.
An Immediate Annuity sometimes might not. But most immediate Annuities have Death Benefit Options that allow for the funds (or part of them) to pass to an individual.