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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 35335
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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I have a question about my Moms Policy.She died in Feb and

Customer Question

I have a question about my Moms Policy.
She died in Feb and we have no executor of estate.
A letter came in the mail about a $20,000 policy that has no beneficiary, and they said that it was going to the state. I need to know what to do
We did not get an exec. cause my mom had a lot of medical bills averaging around
$80,000 and we cannot pay that. She only has about 16,000 in her bank account and some in her retirement. We had to pay the funeral costs and that took a lot.
So can you please help me.
Thanks
Submitted: 10 months ago.
Category: Estate Law
Expert:  Barrister replied 10 months ago.
Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question..If there was no beneficiary named, then the money would go to mother's estate, not the state. .But if she still has outstanding debts, that money would legally have to go to paying those before her heirs would receive anything..So if the owes $80K and the policy is $20K, the entire policy would go to the creditors if it was claimed. .With that said, the better option would be to allow the insurance company to pay the proceeds over to the state unclaimed property department. Then the heirs sit back and wait a few years until the statute of limitations has run on creditors trying to take action on the debts and then file to claim it from the unclaimed property department. .thanksBarrister

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