California Probate Code 12004 – (a) An annuity commences at the testator’s death and shall be …
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(a) An annuity commences at the testator‘s death and shall be paid at the end of the annual, monthly, or other specified period.
(b) If an annuity is not paid at the end of the specified period, it bears interest thereafter, but no interest accrues during the first year after the testator’s death.
Terms Used In California Probate Code 12004
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Testator: A male person who leaves a will at death.
(Enacted by Stats. 1990, Ch. 79.)