How can I change ownership on a life insurance insuring me if the owner is deceased without going to court?

Question

My father passed away being the only named owner on a life insurance policy insuring me. The life insurance company says that I cannot change ownership unless I am the Executor or Administrator of my father's estate. I know that my father has some credit card debt. If I do go to court and become Executor/Administrator of his estate will I be liable for his debt? Will his collections be under my name too and effect my credit? I do not want to pay for his debt and know that he has no other assets. Is there another way of changing ownership without going to court?

Answer 1

The policy was owned by him and thus becomes part of his estate.  You can't just "transfer ownership."

Answer 2

First of all you are not responsible for your father's debts just because you are the executor of his estate.  The estate is responsible for the debts and if the debts are larger than the estate then the creditors are out of luck.  

You'll need to talk to a lawyer, but I don't think the creditors can take the life insurance on you.  The policy will be distributed according to his will.  As the insured you can't change the beneficiary to yourself but as the executor of the estate you may be able to if it is not clearly stated who ownership of the policy goes to in his will.

Answer 3

Life insurance shouldn't be attachable by creditors...OJ Simpson still has his life insurance policy.