F
freifallin
Guest
Things have changed a little since my last post. My mother's boyfriend had his name taken off the death certificate as spouse because he would have received my mother's debt of social security she received from her previous husband who passed away several years back.
Now I am the next of kin. The will states that the life insurance should pay off her credit debt and the remainder be split between myself, my older brother, and my mother's boyfriend. However, with $45,000 in credit debt her assets would be taken. I was told that life insurance is not part of her assets and that is for survivors only, not to be taken by creditors--is that correct? Of course the snafu is that in her will it does "state" that life insurance should pay off the credit debts first. How would something like this be handled???
Next-she gave my brother and I some investments, IRA's etc. Could that be taken by her creditors? Thanks
Now I am the next of kin. The will states that the life insurance should pay off her credit debt and the remainder be split between myself, my older brother, and my mother's boyfriend. However, with $45,000 in credit debt her assets would be taken. I was told that life insurance is not part of her assets and that is for survivors only, not to be taken by creditors--is that correct? Of course the snafu is that in her will it does "state" that life insurance should pay off the credit debts first. How would something like this be handled???
Next-she gave my brother and I some investments, IRA's etc. Could that be taken by her creditors? Thanks