How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger, Attorney
Category: Legal
Satisfied Customers: 30897
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Type Your Legal Question Here...
Roger is online now
A new question is answered every 9 seconds

The trustee on my parents living trust mistakenly selected

Customer Question

The trustee on my parents living trust mistakenly selected a 'lump sum' distribtution from an annuity which has a large taxable component. All of the beneficiaries would prefer a distribution over time which the Allstate policy allows. The money hasn't been distributed to any of the beneficiaries yet. Can this distribution selection be 'reversed'? The Trustee doesn't think it can be but they aren't an attorney and as executor, I want to be sure.

Thanks in advance
Submitted: 3 years ago.
Category: Legal
Expert:  Roger replied 3 years ago.
Hi - my name is Kirk and I'm a litigation attorney. Thanks for your question.

Generally, if the distribution has already been made from the annuity to the trust or to the beneficiaries, then it is not possible to reverse the transaction.

HOWEVER, this is generally a matter of contract and whether you can do this depends on what the annuity says. So, it would be worth contacting Allstate to see if it will reverse the distribution. It may be that this annuity allows for a reversal - - but you would just have to look at the language of the agreement.

But generally speaking, this can't be reversed.

Related Legal Questions