According to Puerto Rico laws, if the primary beneficiary to an annuity declines the funds because the owner is deceased, do the funds go to the contingent beneficiary, or to the estate?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
According to Puerto Rico laws, if the primary beneficiary to an annuity declines the funds because the owner is deceased, do the funds go to the contingent beneficiary, or to the estate?
Asked on May 16, 2014 under Insurance Law
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Under Puerto Rican law the terms of the insurance policy control with respect to primary and secondary beneficiaries uner an annuity. If there is no contingent beneficiary listed under the annuity then its becomes an asset of the decedent's estate.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.