Q: My father died recently. He has a life insurance policy that is 520,000. What do I need for an estate
My father died recently. He has a life insurance policy of about 520,000 with my siblings and me as beneficiary. He has a car loan, house loan, and several other credit debts that total to about 100,000. I live in the house and would like to buy my siblings out of it. However there is no will or estate. I was told by someone that the life insurance place will pay off his debts. They also said that at that point the loan company would be able to keep the house from us and resell it. Is this true?
A:
Life insurance is paid to beneficiaries and is not part of his estate.
If what he has is worth more than what he owes, then one of you can open an estate and you can buy the house from the estate.
A: need more info. are there any other heirs besides your siblings. If not you will share equally with them if there is no will. what is the value of the house. Determine the value of the house minus expenses and liens and you each own an equal share. pay the debts,pay your siblings their portion of the net value of the house and you own it. However since there is no will and real estate is involved, an estate needs to be opened in the probate court. the life insurance will pass directly to the beneficiaries outside of probate
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
