Estate Settlement proceeds are often placed in a new account in the name of the claimant, to support tax reporting and establish correct ownership. From that point forward the recipient(s) may treat the account and proceeds as their own, investing or disbursing as allowed by the product.
Some insurance and annuity contracts allow money to be distributed in other ways, such as receiving a check directly from the deceased's account, or receiving ongoing payments. If these options are available, the Death Claim Statement form will provide choices for selection.
If the deceased held a role on the account such as trustee or plan administrator, a distribution may not be warranted. It may only be necessary to update or remove the deceased as a trustee or plan administrator. We will notify you if this kind of update is needed.