My grandfather had a small life policy and the check was sent to me as the executor. Does this benefit have to be used to pay off debt even though it is not enough to do so? Or can it be distributed to the beneficiaries named in the will?
2007-10-07 05:37:22 · 4 answers · asked by Oliver Twisted 1 in Politics & Government ➔ Law & Ethics
You have to take it in sequence. The death benefit will mostly be grabbed by the funeral expenses (because they want their money before they will bury him).
Next will come the debts until the money runs out. Usually the will is written to address those debts before any bequests.
Even if not, you need to spend the money in that sequence or the debtors will take you to court for squandering those assets.
2007-10-07 05:47:32 · answer #1 · answered by Rich Z 7 · 0⤊ 0⤋
that check can be used in any manner you see fit, however remember that whoever is next in line after your grandfather, the debt falls on them. I would have a little bit of a moral issue in not giving anyone named in his will any money, but unless I'm personally wealthy and the debt fell on me, I would pay part of his debt.
If the person his debt falls upon can manage it w/out the aid of the check, distribute the money between the beneficiaries.
Makes no sense to me.... you're still payin a credit card bill after the person is long gone.
2007-10-07 05:42:25 · answer #2 · answered by StangGirl 4 · 0⤊ 1⤋
Don't waste the money on some debt.
2007-10-07 05:45:22 · answer #3 · answered by reichmanix 2 · 1⤊ 0⤋
No. You are not responsible for his debt.
They will try to tell you that you are - but any lawyer worth his salt will tell you otherwise.
2007-10-07 05:40:05 · answer #4 · answered by Anonymous · 0⤊ 1⤋