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On November 17, 2000, Mark’s mother, Phyllis D. Filer
(Phyllis), died. She was survived by her three children: Mark,
Paul Filer (Paul), and Heidi Higdon (Heidi) (hereinafter referred
to collectively as the children).
At the time of her death, Phyllis owned a flexible premium
deferred annuity (annuity) with Anchor National Life Insurance
Co. (Anchor). Phyllis applied for the annuity on October 29,
1985. On the application form, Phyllis named herself both as the
owner and primary beneficiary, she designated Julie both as the
annuitant and as the successor owner, and she designated Mark and
Paul as the contingent beneficiaries to share equally.3 Phyllis
paid the initial annual premium of $11,704, and Anchor issued the
annuity to Phyllis on November 5, 1985, with a retirement date of
November 5, 2036.4
The annuity contract provided that Phyllis could change the
successor owner or beneficiaries at any time by filing a written
request. In addition, the annuity contract contained the
following provisions:
3 The annuitant is the person on whose life the contract is
issued.
The successor owner is the “person named by the owner to
receive all ownership rights upon the death of the owner.” The
contract further stated that the naming of a successor owner is
not an assignment, nor is the successor owner an assignee.
4 The retirement date is the date on which annuity payments
would begin.
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Last modified: May 25, 2011