Removing a beneficiary

Sixteen years ago I designated a person as my beneficiary in an investment fund that I invested my money in that pays a monthly payment to me until I pass away.

The beneficiary did not contribute any cash into the fund.

After I pass away, the beneficiary is to receive the monthly payment until he passes away.

At this time, I have reason to remove the beneficiary. I thought it would be easy to just contact the investment company and inform them that I wish to eliminate that beneficiary. The investment company has told me that the form I signed constitutes a “contract,” and that I have to get a court order to remove the beneficiary.

For the last several months, the investment company has not been able to find a copy of this original “contract,” even in its so-called archives.

I have contacted the Clerk of the Superior Court in DeKalb County, and was told that I would need a civil attorney to file a Petition to get a Court Order.

Not only that, but I need a civil attorney who deals with investment issues.

I don’t know where to start with this, and I don’t know why it has to be so complicated. It is MY money, in MY investment fund. The investment company said that since the “beneficiary” signed the agreement I drew up, that it is in essence, a “contract,” and that all this has to be done.


Plus, I am in my mid-80’s and live in a suburb of the city, and need to have an attorney who is close to where I live.

I could look on the humorous side of this, and just decide to outlive the unwanted beneficiary!

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They can’t find it, but claim it was signed? How do they know? [I have numerous beneficiaries, but none have ever signed anything]

Robert, Maybe they have a photostat or online version, not the original…

This sounds like an annuity, which wouldn’t need a beneficiary, since an annuity expires when you do.

That’s a problem. You might have an annuity based on two lives (yours plus the other person’s). To change the “beneficiary” changes the term, and so I can see why the investment company would not want you to do that. If your “beneficiary” was 65, but you replace it with a 15-year-old, the investment company is on the hook for payments, on average, for an additional 50 years.

If you have something other than annuity, we’d need to know more about it before being much help.

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