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How can I get my insurance company to break the annuity

Customer Question
How can I get...

How can I get my insurance company to break the annuity contract for which the estate is the beneficiary so that I can close the estate (I am the personal representative) now as opposed to waiting for all of the annuity payments to be made which will not be until 2023? There are 10 heirs and I cannot manage this process forever. I am in the state of Maryland.

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Maryland

Lawyer's Assistant: Has anything been filed or reported?

Yes

Submitted: 4 months ago.Category: Estate Law
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Answered in 5 hours by:
3/12/2018
Estate Lawyer: Jessica B,
 replied 4 months ago
Jessica B
Category: Estate Law
Satisfied Customers: 1,640
Experience: Attorney at Donald B. Linsky & Associates, PA
Verified

Hello. My name is ***** ***** I am a licensed estate attorney. I hope I may be of assistance with your question. Please remember or rate my service at the end of this session. Thank you! Generally with annuities you may terminate the contract early; however, you have to pay a penalty to the annuity contract and also pay taxes on the full amount of the contract. Do you have a copy of the contract?

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