by Structured Settlement Watchdog®
Novation Funding says "When the recipient of a structured settlement dies, this agreement can be inherited by spouses, loved ones, or anyone else named in the official will. When a will does not exist, beneficiaries may need to take additional steps to claim the inheritance" -as of March 5, 2018 @7pm
FACT: Unless prohibited by the contract, the payee of a structured settlement may name and/or change a beneficiary or beneficiaries, as well as contingent beneficiaries.
If a beneficiary is named then the beneficiary needs to file a claim with the life insurer that issued the annuity, or its successor, and provide the insurer with a copy of the death certificate and a direct deposit form if electronic payments are desired.There is no need to apply the will or to go through probate, a process that could take a year or longer and subject the present value of the structured settlement payments to needless estate administration fees.
It is also possible that the deceased could have named a beneficiary for the structured settlement that is different than the allocation under the will, or the state laws of intestate succession (where there is no will).
If Novation Funding does not know the basic fundamentals of the annuities funding the payments it buys at obscene discounts, then surely it begs the question about any structured settlement advice given by the West Palm Beach company.
Watch my video about Inheriting a Structured Settlement (below). There is no rush to do anything when inheriting a structured settlement. Take time to grieve.