Question about life insurance?

Question

My boyfriends father died this past year and left my boyfriend and his brother 1 dollar in his will. We recently just got a letter from a laywer about his fathers life insurance did not have a benifical so it goes to his kids. Is this legit or are we getting our selfs into his father debts???? someone please help?

Answer 1

If there is no beneficiary, the life insurance proceeds would go to the estate. The executor or administrator is responsible for distributing the estate after all bills are paid. If they distribute money and the bills aren't paid, they are personally liable. Since his father's estate has an attorney, apparently they are handling things prudently. Unless your boyfriend is the administrator or executor, he has nothing to worry about.

Jim Kirby, CPA/PFS, CFP, CFS

Answer 2

Everything will have to be probated by the courts and can be tied up for a while. That means that every creditor he owes can make a claim to be paid and after the dust has been settled if anything is left his kids can split it after the probate courts take their 20% to 40% off the top.

Answer 3

I hope my suggestion could be helpful.And here is resource that I am used to use.Check it out.http://lifeinsurance.online-helpers.info...

Answer 4

God, what a mess!   Call the lawyer and ask what the h**l is going on.

  Since he and  your brother get a   dollar each, I don;t believe you'll see anything more. If there is no benenficiary, the life ins proceeds goes to the estate, and the other heirs will  receive the life ins proceeds.

The estate is responsible for the debts, it appears your b/f comes out of this one $ richer.

Answer 5

heh just go for a proper law book referral (prefered go 4 a govt. based judicial one)