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What happens to a persons annuitiy if he dies and still have money in it But has kids and no will Can the childrens claim the rest of his retirement that he has paid in to it?
Miestro1
This is called intestacy. Each state or country has their laws as to how the estate is distributed. You can work with an attorney, open an estate and all of the assets are valued and distributed according to the laws.
An annuity is a special device. It will depend on the type and the contract between the parties. In many cases, the annuity ends on the death of the recipient. In others, there may be a survivors clause that will allow them to leave a certain amount to their spouse or offspring. You will have to read the terms of the annuity carefully to find out how his works.
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