can creditors take your life insurance money for your dead spouse debts?
443490
If you have a joint account with your spouse, you are obligated to pay the remaining debt. So you would have to use the life insurance money to pay it. To answer your question, no one has access to the life insurance money except for the named beneficiary in the policy.
524595
I worked in life insurance and annuity administration a couple years ago.  Here's how it goes:  Not just anybody can take a policy on you.  There has to be a matter of insurable interest; meaning that if you die, there will be financial burden to the beneficiary of the policy (this can be family or possibly a business, estate, etc...).  This prevents people 'betting' someone is going to die, then cashing in the policy.  Generally, immediate family members can be the owner and beneficiary of the insurance policy, but the insured must acknowledge somewhere on the application they are aware there is insurance taken out on them.  Unless they are a minor.  That is another explanation.  \n\nHope this helps.
761763
From what I understand generally about estate law, your parents' debts should not roll over to you and your siblings when they pass away. However, if you or your siblings are co-owners or partners with your parents in any business enterprise or are gurantors to any loans taken by your parents, then yes, you may become liable to their debts when they pass away.\n\nIn short, you will not be liable for their liabilities unless you are somehow a party to the liability to begin with.
853574
Has someone died leaving you money?
789853
Your beneficiary does not need a copy of the policy. But you should let them know in case you do die.\n\nWhen you die, your beneficiary will call the insurance company to file a death claim. Insurance company will give instructions on what to do. Its really an easy process, but can take awhile for the check to come.
146210
See a lawyer.  I believe the executor has the right to liquidate assets in order to pay outstanding debts or other bills against the estate and this must be done before anything remaining is distributed to the heirs.
368277
depends. probate lawer will make sure all deceased bills are paid. is there a will? other benefactors? not enough info to answer.
27339
yes uyou can you can collect off your husband if he is decease you can also collect survior benefits if he is decease.
262889
I am not an attorney. If your husband owed the money as an individual - then he was liable for the debt not you. If you filed joint tax returns, then you too MAY be liable for a portion OR/AND all the back taxes. It is really up to you whether or not you wish to pay your deceased husbands debts.\n\nLife Insurance is paid out to you tax free - I'm not an accountant either - If your late husbands creditors know there is life insurance, there is a good chance they will try to make a claim on it.\n\nConsider seeking legal aid, to make get a clear picture as to how you stand, so you can get on with your life and know that you and your children are safe.\n\nI am sorry for your loss.\n\nTake care, and good luck.
732025
She is the only person responsible for her debt. \nWhen she dies, the credit card companies will call you (one called me on Christmas Eve after my mom died) and try to get you to commit to paying the debt. Just say no. She was over 18, and they contracted with HER for the debt she incurred. The only thing you will have to do is send them a copy of her death certificate. They write the debt off for taxes at the end of the year.
1066789
The link below contains a bunch of sample letters to send to creditors.\n\nEmail me if you need more advice.
1013464
The general answer is, "a reasonable period of time".  It can vary depending on the circumstances - if someone just goes missing, I believe it takes years before they can be declared legally dead.    I'd contact the insurance company as soon as you can locate it.  Regarding the bank account, as soon as probate court approveds the will, or appoints an executor, you'll have access to teh account.\n\n\nThere are no fees associated with an insurance claim.  Going through probate court, filing the will, and/or having an executor appointed WILL cost something, and if the court appoints an executor, they're allowed to charge for their services.
697600
Yes, unless he is being sued in a divorce.  If the man passes away, and depending on who is paying the taxes, the wife can legally take it into possesion if the will reads "I hereby leave everything to my wife."  If there is no will, then whoever is paying the first taxes can take it, then decide what they want to do with it.  That is they can prove the man that died left them as caretaker or overseer of the taxes.
558486
Yes.  The legal debts of the estate.  Only if the estate has assets.
951294
For the most part you will have to mail a copy of the death certificate to each creditor. If he had insurance through his company, the HR department should be your starting point there. If he had any supplemental insurance, then the only way you find that is by going through his personal files.
737174
It is not a South Carolina law, or any other State law, which protects every individual's privacy... it is Federal law.  Your financial privacy AND your spouse's financial privacy is protected, and creditors who provide information to ANYONE other than the debtor can get in serious legal trouble.\n\nHowever, you or your spouse can provide a creditor with written permission to discuss financial details about your accounts.
226207
1040. the medical goes on the schedule A. Don't forget to take the miles to the Dr and pharmacy. Also parking and tolls. If the person was married when they died have them file a joint return this year and if they have a dependent they can file qualifying widower for the next 2 years. If the person was not married and someone took care of them and pd 50% or more of their support then that person can claim the one who died on their tax return and take the expenses that were pd. Remember you can only deduct the expenses that were pd in 2005. If they were not pd in 05 then they come off of the yr they were pd. Only the amounts that were pd can you deduct. Not the amounts that were billed unless that is what was pd. Sorry to hear of your loss.