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?
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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 9 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.
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