SweetyChique
Junior Member
What is the name of your state? Mississippi
My father recently passed away and he had no will (that we know of). There was, however, life insurance, and I was the beneficiary. The home he owned was not paid for and has since gone through foreclosure. His car was not paid for and it was repossessed. Other than a bank account, I don't believe he had any other assets. One thing I DO know he had was a MOUNTAIN of bills. As the beneficiary of the life insurance, am I responsible for paying his creditors? Also, assuming there are no assets, is it still necessary for his "estate" to go through probate? Am I responsible for initiating this process? Once initiated, how do I decline the executor/representative position? I don't want to "inherit" anyone else's debt.
My father recently passed away and he had no will (that we know of). There was, however, life insurance, and I was the beneficiary. The home he owned was not paid for and has since gone through foreclosure. His car was not paid for and it was repossessed. Other than a bank account, I don't believe he had any other assets. One thing I DO know he had was a MOUNTAIN of bills. As the beneficiary of the life insurance, am I responsible for paying his creditors? Also, assuming there are no assets, is it still necessary for his "estate" to go through probate? Am I responsible for initiating this process? Once initiated, how do I decline the executor/representative position? I don't want to "inherit" anyone else's debt.