Can an investment company withhold my late mother's annuity to the beneficiaries until all siblings submit a request for disbursement?

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My late mother had an annuity with a well known investment company. It was set up as a beneficiary disbursement upon her death to her 4 children. There is about $15,000 remaining. The company's policy is that they will not release any of the money unless all 4 children make a request for payment. One child has not requested his share, and will probably not. This has prevented the other 3 from receiving their share. Mother passed away in March 2017. How do we get our portion of the annuity or what happens if the 1 child never applies? Seems the company is holding the money as hostage because of the 1 that doesn't care if he receives his portion.

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My guess is that in order for a distribution to be done all designated beneficiaries must accept distribution & submit IRS forms to insurance co. And until that happens funds in limbo. Bet it's getting interest though.

I know that for monied estates in probate, distributions can have requirements like this. Letters sent to DB contact list from back when will done along with IRS W whatever's. Then repeated. Then a flush out period for those not responding. Then finally finally finally checks out.

Whatever the terms in a will or annuity agreement determines all this.

To me bigger issue is wtf why is 1 heir refusing to accept $???
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I have heard of this before.
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I read this post but have no idea what rights an investment company might have. The only thing I can suggest is to contact them and ask them to provide the document that gives them this right, and also read the annuity to see if there are any provisions to this effect.

Has the investment company asked for a copy of the Will? There might be a possibility, or rather a suspicion, or even a selfish financial motive, that not everyone wants the funds in cash but might want the annuity to remain intact.

However, that would suggest that the annuity provides not only for a cash payout but also to keep it intact with shares transferring to the beneficiaries.

Do you know who the broker was who sold the annuity? Does anyone know who regulates annuities? Contacting a regulatory authority might help.
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Minnbound, I am moving your post back to the front page to see if any of the caregivers are familiar with annuities can answer your question.
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