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Life insurance beneficiaries--can they keep the money even if the estate has debt?
My dad passed away last month, my mom ppassed 5 years ago. He left an insurance policy to my 2 brothers and me in equal amounts and his remaining pension to me as the sole beneficiary. He owed allot of credit card debt, he owned a house that he owed more than it is worth and another home that we have been unable to sell for 3 years. My question is can my brothers and I keep the money we will get from the policy or does that goe toward his outstanding debts?
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The insurance and pension proceeds flow directly to the named benficiaries, and so are not available to pay the estate's debts. The sitiation would be different if your father had not named any beneficiaries, in which case the proceeds would go to his estate by default, and would then be available to help pay the bills.
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