Estate Law Questions? Ask an Estate Lawyer.
Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating so all that means is that you can count on me to help today. I’m so sorry to hear about your loss. The upside your situation is that if your boyfriend transferred the business to you then the insurance company will not be able to come after you for any unpaid bills. The reason is because the business is no longer a part of his personal estate. This means that they will have to try to find some other asset like a home or a car to put a lien on before they are able to do anything with your business. Regardless, let's save for some reason in the worst case scenario the business was still in his name at the time he died, the insurance company will only be able to have a lien on the property which means that if you decide to sell then they're going to get their cut. Simply because he owed money it does not mean that it's going to force you to sell your business. The only time that you may be forced to liquidate is if you file for bankruptcy.
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I see what you mean. Yes, this will apply to all of his creditors. And the creditors have rights when the property is a) not already paid through the person's will; b) property was held in joint tenancy (i.e. a joint bank account); or c) left as a gift in a will. In your case, if he simply transferred before death to you as a sale or a gift, you are fine:-)