What is the name of your state? OREGON (deceased); I live in California.
My mother died a couple of months ago (in Oregon); her debts (~$15k) exceeded her assets (~$5k). This situation is currently in some legal process (probate?) by which a judge is going to divide her assets among her creditors.
Here's a twist: I was notifed today that she had a life insurance policy, and that I am the sole beneficiary. I do not yet know the amount of the policy.
Here's my question:
Does the life insurance benefit belong to her estate - thus creditors will likely make claims against it to recover some of the money they were owed - or does the benefit belong to only to me?
Thanks,
Martin in California
My mother died a couple of months ago (in Oregon); her debts (~$15k) exceeded her assets (~$5k). This situation is currently in some legal process (probate?) by which a judge is going to divide her assets among her creditors.
Here's a twist: I was notifed today that she had a life insurance policy, and that I am the sole beneficiary. I do not yet know the amount of the policy.
Here's my question:
Does the life insurance benefit belong to her estate - thus creditors will likely make claims against it to recover some of the money they were owed - or does the benefit belong to only to me?
Thanks,
Martin in California
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