2006-11-09 22:31:06 · 10 answers · asked by Anonymous in Business & Finance ➔ Insurance
Generally no, unless you are married to this person. Therefore, you will owe all debts if you are the spouse. If not married to this person, then you owe nothing.
2006-11-12 13:36:15 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Absolutely not. Since life insurance death benefits to a named beneficiary other than the estate pass outside the will, you have no obligation whatsover to pay any of the deceased debts, although some of the companies who are owed money may try to persuade you that "morally" you are obligated to pay...........and to that ridiculous argument, you should simply say horsepucky (unless you truly want to pay the debt for personal reasons).
2006-11-11 01:51:21 · answer #2 · answered by domers13 2 · 0⤊ 0⤋
If you and you alone are the beneficiary. You have no legal obligation to pay any debts with that insurance payout. If it is a true life insurance policy the term used will be "death benefit". Your moral obligations are a whole different issue. Consult an Attorney and decide with your conscience. It will all depend on the details.
2006-11-10 12:09:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Beneficiaries of life insurance have no obligation to pay debts with the money. However, if you are the executor of the estate, it may require that you use some of the money to settle the estate, but only if you choose to do so.
2006-11-10 00:14:15 · answer #4 · answered by deep5223 4 · 0⤊ 1⤋
Nope. Not one red cent unless the deceased stated in his will that the beneficiary of his life insurance policy was to pay off his outstanding debt.
2006-11-09 22:36:19 · answer #5 · answered by Angela 7 · 1⤊ 1⤋
Technically, no you are not. The beneficiary is free to do with the funds are you wish, but it may behoove you to help pay some of the debts.
2006-11-12 11:50:09 · answer #6 · answered by Reagan 6 · 0⤊ 1⤋
No. Only if the estate is the beneficiary, do bills need to be paid from the procedes.
2006-11-10 00:31:54 · answer #7 · answered by Anonymous 7 · 2⤊ 0⤋
you're 24 and early on your profession. you artwork at a job that provides term coverage. Do you intend on working at that comparable job with a similar corporation till you retire? that's tremendously not likely which you will stay at that corporation very long. issues exchange. once you go away that corporation, the coverage stops too. What in case you go away that job when you consider which you grew to grow to be very ill and are unable to artwork yet in addition have many funds owed like a private loan and individuals who remember on you and your paycheck. you would be able to attempting to locate existence coverage while you're ill (and older). coverage firms do not decide to situation rules to lots of those people. i come across that that's regularly appropriate for a guy or woman to possess the two term existence and an enduring coverage (like finished existence or regularly occurring existence). no possible help you comprehend what's sweet for you on your subject except you're able to provide so lots greater recommendations like earnings, funds owed, residing customary and so on. go meet with a financial planner to map out a approach to your financial existence. maximum of issues will take place over the subsequent 50, 60, 70 years of your existence. that's solid to have some flexibility on your guy or woman funds. in case you quite need funds to pay off some funds owed, inspect your costs and see what you are able to shrink (Starbucks? ingesting out?) till you pay down some funds owed. Is there besides you are able to earn greater funds like working beyond regularly occurring time, area time job or merchandising stuff on ebay? have you ever regarded right into a mark downs software? Saving for a down fee on a house, trip, retirement? %. up a e book on own finance and initiate studying. I additionally advise analyzing "The Richest guy in Babylon." Your library ought to have it. solid success
2016-10-21 14:16:31 · answer #8 · answered by ? 4 · 0⤊ 0⤋
No, but it might be in your best interest to do so to avoid ruining your credit rating. This happened to my mother in law. Depends on what kind of state you are in - community property, etc. Check with either a credit counselor or CPA or attorney that specialize in these matters. Don't put it off. Your own financial standing could be in jeopardy.
2006-11-10 02:41:30 · answer #9 · answered by SafetyDancer 5 · 0⤊ 0⤋
You're probably obligated to pay the debts. Whether or not it's with that money doesn't matter.
2006-11-09 22:35:06 · answer #10 · answered by Steve 2 · 0⤊ 3⤋