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My mother is the executrix of my father's will. There has been nothing in the estate for many years, and my father has been in a home for the last four years using almost all of his income. The only money has been a life insurance policy with her as the only beneficiary. Unfortunately there is an outstanding credit card balance in my fathers name. The question is, is my mother responsible to use the money left to her as beneficiary? According to the insurance company, this money is not part of the estate, and therefore she is not responsible "legally" for this outstanding bill. Is this true?
Submitted: 372 days and 13 hours ago.
Category: Estate Law
Value: $30
Status: AWAITING CUSTOMER ACTION
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Waterdown, On Canada, Idaho
Already Tried:
Nothing, we have just received the cheque in the amount of 18,0000.....and after paying all the funeral expenses there is about 5000 left over. The credit card amount is around 6500......
My mother is a very low income person, and is distraught that the funeral costs have taken most of his insurance and is concerned about her security. Her insurance will only be about half of what my dad had.....
Answer
Hello, and sorry to hear about your father.
If the credit card was only in your father's name, your mother not listed as a cosigner, then she would not be responsible for this (or any other debt belonging only to your father). The credit card company can demand money from the estate, but if there is no money there, it is required to write it off. Insurance left directly to the beneficiary is not part of the estate, what the insurance company told you was correct. A beneficiary of an insurance policy is in no way liable for any debts left by the estate.
Collection agencies from credit card companies sometimes can be rather unethical in their attempts to collect debts. Sometimes they will convince a person to sent just a small amount of payment. Doing this can lead to a "voluntary assumption" of the debt. She should not pay them anything if she is not currently a party to the account.
I hope this helps!
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Please keep in mind that information in this forum is for informational purposes only. It is not legal advice and does not constitute creation of an attorney client relationship. Before acting on any such information, you are always advised to consult with an attorney licensed to practice in your jurisdiction who can take the time to review all the facts and laws relevant to your situation.
Expert:
Guru_Guy
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Answered:
11/15/2008
Attorney
Years of experience providing advice on trusts and estates.
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