life insurane

[wonka67]

What is the name of your state (only U.S. law)? ohio
mother passed away recently,still owes on house,has no spouse.money from life insurance policy goes to surviving kids( over 18)can bank take money to pay off house debt?

 

[justalayman]

what money?

 

[wonka67]

life insurance claim

 

[justalayman]

no. the insurance goes to the named beneficiary

now, they can foreclose on the house if somebody doesn't pay the mortgage loan and likely will.

The estate is liable for the debts of the estate. If assets must be liquidated to pay those debts, then that is what happens.

 

[Betty]

The life ins. proceeds go to the beneficiaries named in the policy to do with as they wish - it's not part of the estate (except when estate is named beneficiary).

The ins. proceeds do not have to be used to pay off debts of the deceased.