Estate Law Questions? Ask an Estate Lawyer.
I am Loren, a licensed attorney for over 30 yrs. Thank you for your patience as I review the question. I will post my response shortly.
Have you checked the policy to see what the provision is for the death of a beneficiary? The policy would need to address that.
Typically, the terms would provide, where there is no surviving beneficiary, the death benefit would be paid tot he annuity owner's estate. So, that is what will likely occur, unless the terms of the annuity provide otherwise.
The fact that the beneficiary is irrevocable is not an issue, if they have died, since the irrevocability merely relates to the designation of a new beneficiary which the irrevocable beneficiary is living.
It would likely be paid to the annuitants residuary estate. The beneficiary, even if irrevocable, is very unlikely to have death benefits
The irrevocability has to do with changing beneficiaries while the annuitant and irrevocable beneficiary are living. It does not make payment irrevocable. The beneficiary must be living to receive any benefits.
Did you have further questions? Have I answered your question?
If you have no further questions please remember to rate my service (5 Stars) so that I am credited by JA for answering your question and also so that I may close the question.
There is no additional charge to you for a 5 star rating of my service.