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Life Insurance
Asked Apr 20, 2007, 05:01 PM
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3 Answers My father just passed away and had a $60,000 life insurance policy that was to be split between myself and two sisters. Does the money from this policy first have to go towards paying off his debt before it can be distributed? |
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| Please see the following post on a very similar question: http://www.askmehelpdesk.com/other-l...ight=insurance | ||||
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| Proceeds from a life insurance company pass to the beneficary or beneficiaries which could be his estate or like you said to you and the two sisters per how he wrote the beneficiary designation in the life policy. Those life insurance proceeds are not subject to the claims of creditors unless he named the estate was named as beneficiary rather than you three, and even then should his estate be named as beneficary, it's his estate that would be subject to the claims of creditors not his life insurance money that went to his estate. In most cases but not all cases, it's best for most people to name a person as beneficiary and not the estate of the deceased. A simple reading of his life policy beneficiary designation should clearly tell you exactly who was the beneficiary, the three of you or his estate. Hope this helps. | ||||
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