Structured Settlement Death Claim | What You Need to Know 2024
Can someone contest a structured settlement death claim?
Any person with a valid legal claim can contest a policy's beneficiary after the death of the annuitant. Often, someone who believes they were the policy's rightful beneficiary is the one to initiate such a dispute. However, contesting a structured settlement death claim beneficiary designation, or a life insurance beneficiary, is difficult and it's a long and expensive process.
Can an estate executor or administrator change a beneficiary of a structured settlement?
An executor cannot change the beneficiary of an insurance policy.
Annuities are insurance contracts. "An annuity is a contract between a purchaser and an insurance company" NY Department of Financial Services. A structured settlement annuity is an insurance contract.
The ability to change a beneficiary is set forth in the Settlement Agreement and Release between settling parties to the claim or lawsuit settlement from which the structured setlement was established. Typically such agreements permit the Payee to name or change a beneficiary, provided such change in writing and submitted to the Assigmment Company or the annuity issuer inw riting and in proper form.
An executor is a court appointed representative of the decedent, or in this case, deceased structured settlement annuitant. The insurance beneficiary designation is a contract between the decedent and the insurance company that was entered into prior to the decedent's death.
Insurance companies don't have the power to remove a named beneficiary
Only courts have the power to overturn a structured settlement beneficiary.
Please refer to my May 24, 2021 blog post on Structured Settlement Beneficiary Designations (4structures.com) which discusses the Tera Vance case in which the Court concluded that Vance, the fiance of the decedent was not a party or third-party beneficiary of the annuity". If you prefer to learn, my video on the subject of structured settlement beneficiaries below.
Last updated March 8, 2024
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