Princess

[princess]

What is the name of your state? North Carolina

If a beneficiary for a life insurance policy is also the administrator for the estate, is the beneficiary/administrator required to pay any debt from the estate with the insurance money?

 

[Some Random Guy]

Life insurance proceeds go directly to the named beneficiary. They are not part of the estate.

 

[princess]

Life Insurance

Thanks for the info. That's what I thought however on of my clients was told by a North Carolina atty. that the beneficiary/administrator would have to take care of the debt for the estate. The atty. said it was a new North Carolina law???????

 

[Betty]

Re the ins. proceeds they go to the person named as beneficiary - the proceeds DO NOT have to be used to pay debts.