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life insurance proceeds

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chadray

Guest
west virginia-life insurance proceeds-i am executor of my husband
will-owner of two life ins. policy on him-son as beneficiary on one
wife on other-do the proceeds go in the estate check book to pay
his bills. he has no cash assets in his name only for he had been
in nursing home for a couple of years. do i put insurance proceeds in an estate checking account in his name and pay bills
or do i put them in my personnal checking account and pay bills,
funeral expenses and a couple of credit cards and some medical
bills.
 


I AM ALWAYS LIABLE

Senior Member
chadray said:
west virginia-life insurance proceeds-i am executor of my husband
will-owner of two life ins. policy on him-son as beneficiary on one
wife on other-do the proceeds go in the estate check book to pay
his bills. he has no cash assets in his name only for he had been
in nursing home for a couple of years. do i put insurance proceeds in an estate checking account in his name and pay bills
or do i put them in my personnal checking account and pay bills,
funeral expenses and a couple of credit cards and some medical
bills.
My response:

The proceeds of an insurance policy on your decedent's life are payable to the beneficiary named in the policy (or to the named alternative beneficiary if the primary designee has predeceased decedent). The terms of decedent's will are generally ineffective to vary the terms of this contract.

Therefore, life insurance benefits and proceeds are paid directly to the named beneficiaries, and are not part of the decedent's Estate. The money was yours immediately upon his death, and you are free to spend or invest the money as you choose.

IAAL
 
Last edited:

Dandy Don

Senior Member
How much do the debts add up to?

How much are the insurance policies worth?

Use the money to at least pay the funeral bill. You can not be held responsible for your husband's debts, so whether or not you want to pay a portion on the credit card and medical bills is up to you, since they are going to write them off as bad debts after a certain amount of time.
 

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