2006-12-25 09:44:10 · 15 answers · asked by sujata k 1 in Business & Finance ➔ Insurance
talk to an attorney.
2006-12-25 09:48:47 · answer #1 · answered by barb 6 · 0⤊ 0⤋
If the insurance is paid into his estate first, then they will try to get their share while the will is in probate. They would be going after the estate, not you. If the money is paid directly to you as his beneficiary, it may depend on your state's laws dealing with spousal responsibilities in financial matters. Depending on the type of debt and the state, the answer will vary. You may wish to discuss this with a lawyer in advance to have a plan in place. Is your husband in seriously bad health or is this a matter of conjecture.
Either way, you can bet they will try to get their money and they won't care whose money it rightfully is. They have some very intimidating tactics. It will be up to you to find out if it has legally become your debt.
I'm just thinking in terms of the USA, Other countries have laws that make ours look like a cake walk. Where ever you are, you can be sure the lawyer won't mind being the one to get the major part.
2006-12-25 10:10:24 · answer #2 · answered by character 5 · 0⤊ 0⤋
If the debt is in his name only, the debt dies with your husband. The insurance money cannot be seized to pay his debts, because technically the beneficiary owns the proceeds, not the deceased.
However, IF you have joint debts, than any money you come into can be used to pay those debts. You might want to create a trust and make the trust the beneficiary of the insurance money to insulate it from creditors.
2006-12-25 09:52:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Only for JOINT debts. In some states, this includes any debt acquired after marriage to you.
Otherwise, all his assets will have to be sold (including any insurance policy benefits, if the beneficiary is his estate) to pay off all the debts, before his hiers can get anything.
2006-12-25 14:58:57 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
You need to consult with a lawyer because it varies from state to state. If it's legal in your state, you're s*it outa luck. Most creditors do have some legal standing in all 50 states, but how much they can demand or from whom the can demand it is quite variable. Your lawyer will tell you whether and how much they can take from you and what steps you need to take to protect your inheritance.
2006-12-25 09:52:05 · answer #5 · answered by Anonymous · 2⤊ 0⤋
What state do you live? If you incurred the debt in one of the few states that are """Community Property State"" you are jointly responsible for your debts no matter who incurred them....so is a YES or NO depending were you live.....of course this alone does not mean that they will collect, we are only talking about if they can or cannot come after you.....
2006-12-25 09:58:27 · answer #6 · answered by Man of La Mancha 2 · 1⤊ 0⤋
They can come after you, but they CAN'T insist you pay them with the proceeds of his life insurance, which is exempt from creditors.
2006-12-26 00:46:33 · answer #7 · answered by Suzanne: YPA 7 · 0⤊ 0⤋
Check with your Attorney/ your Attorney for sure will give you the right answer....all depends where you live...and what kind of Depts your husband has, and if he put any instructions in his will how the debts will be payed, after his death.
2006-12-25 10:02:30 · answer #8 · answered by nikitasgarofallou 3 · 0⤊ 0⤋
Unless you're accounts and debts are owed together they can't. They will be able to snatch his life insurance though, I'm pretty sure.
2006-12-25 09:52:09 · answer #9 · answered by Bobby D 3 · 0⤊ 0⤋
No. He can't. The money is for the benefit of the named beneficiary. No one can touch it.
2006-12-25 09:53:22 · answer #10 · answered by Anonymous · 0⤊ 0⤋
Sure can, Talk to an attorney
2006-12-25 09:52:23 · answer #11 · answered by Anonymous · 0⤊ 0⤋