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When your husband passed away he had credit card debt that you were not signed on to will they take his insurance policy and his locked in pension plan to pay the debt you have no estate?
Wiki User
∙ 18y ago
If your husband passed away and for instance owes $20,000 to $30,000 in debt then it is up to you to pay off that debt whether your signature is on the credit cards or not. Any debts owing must be paid out of the Estate. If he owned a car (you have your own) the car will be sold and hopefully the house will not be sold. It just depends on how many debts he has. Wills go to Probate and all personal/property taxes, creditors and loans have to be paid and then what is left out of the Estate goes to the surviving spouse. If the debts are paid off by any monies your husband had in bank accounts, stocks, bonds, etc., then the IRS wouldn't go after his insurance policy or pension plan. You are entitled to a Widows Pension (also if your husband was in the armed forces check that out.)
I suggest you see a lawyer to be sure what your rights are. You don't want to mess with the IRS. I live in Canada and our Revenue Canada is far more likely to work with us if we owe taxes, but I've heard the IRS can be cruel, unfeeling and will strip a person of everything they own if they owe taxes. Credit card companies are more apt to work with you if you explain the circumstances.
Wiki User
∙ 18y ago
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Does your dead husband's 500 credit card debt get passed to you if he has no assets but you received life insurance proceeds?
Not if you are smart about it. You do not have to pay his debts through his insurance policy. Inheritance may be another thing. The credit company could put a lien on the estate. The insurance policy is NOT the estate. Y-THINK-Y
If you take out a loan and then you die who pays for it?
Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.
If you are beneficiary of life insurance policy is the administrator of the estate supposed to get your money?
Life insurance with a beneficiary is completely separate from the "estate". If you receive life insurance, it's your. The estate includes bank accounts, homes, cars, etc. not the life insurance
Is life insurance consideredpart of the estate?
If the insurance policy owner did not specify a beneficiary or the beneficiary is deceased, then the life insurance proceeds go to the insured's estate.
What do institutional investors do?
Institutional investors gather large sums of money to invest in real estate property, security and investment assets. Typical investors are: banks, pension funds, hedge funds, mutual funds and insurance companies.
Does your dead husband's 500 credit card debt get passed to you if he has no assets but you received life insurance proceeds?
Not if you are smart about it. You do not have to pay his debts through his insurance policy. Inheritance may be another thing. The credit company could put a lien on the estate. The insurance policy is NOT the estate. Y-THINK-Y
Are you responsible for your husband's credit card debt if he dies but you are not on his accounts?
If you are not currently responsible for your husband's credit card debts, that situation would not change upon his death. Howvever, his estate might be expected to pay off the balance of any money owing. Whether or not that happens depends on how his estate is bequeathed, planned and managed. Speak to your husband about his will, insurance and estate planning (or the lack of such). You may have to take your question to attorney who is familiar with your state's inheritance laws to get specific information.
Who is responsible for your credit cards when you die if there is no husband?
Typically the estate is responsible for clearing up any liabilities. The affairs of the estate are usually handled by the executor of the estate.
If my husband died leaving a large some of pension would i have to pay any of his debt?
All legitimate debts of a deceased person are payable out of the deceased person's estate before heirs or other beneficiaries receive the inheritance. Therefore, yes, you may be required to pay your husband's debts out of the pension. Seek the advice of an experienced attorney in estate planning.
Your sister died and you are trying to collect her insurance benefits her husband was named beneficiary but he died two years ago. what do we do?
Her estate will be the beneficiary of the life insurance. You will have to show the Letter of Authorization from the court to the insurance company. They will issue the check to the estate.
Can husband collect life insurance if wife dies unexpectedly?
If the husband was the named beneficiary of the policy, if the policy was in force at the time of death, and if the cause of death was not excluded by the policy, the general answer is "Yes". If the beneficiary was the estate of the wife, the proceeds are paid to the estate. Then, if the husband was a beneficiary of the estate (either by virtue of a Will naming him as beneficiary, or if no Will, through the laws of intestate succession), he may be entitled to all or a part of the insurance proceeds. If the beneficiary of the life insurance policy was someone other than the husband as of the time of the wife's death, proceeds are payable to that person.
If a dad passed and had a pension from work the beneficiary was his estate but he had no estate or a will so who would get the pension?
That is the reason you open an estate! The probate process will resolve the ownership under the laws of intestacy.
Your husband died and had no beneficiary on his life insurance policy how do you collect the money?
You may need to be appointed the fiduciary of his estate because the proceeds will be paid to the estate. You should contact the insurance company for their policy regarding a situation such as yours.
If you take out a loan and then you die who pays for it?
Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.
Is a widow obligated to pay for her deceased husband's credit cards even though she is not on the credit cards in Arizona?
Money that goes to his estate needs to pay off the account.
my husband passed away on 6 11 08 and the AMO Union says I cannot get his pension for 20 years at the age he would of been 65 years old can you tell me why this is?
Your husband's pension is a benefit that was provided by the AMO Union. This benefit stipulated that his pension would be available to him at the age of retirement, which would in this case be 65. Because you are the bearer of his estate you get all accumulation from that when it would normally be provided to him.
What do you do with a dead spouses credit card debit?
If the surviving spouse did not sign the credit card agreement then they are not responsible for it. However, the creditors could still come after the deceased spouse's estate (i.e. life insurance) for the balance of credit. You probably want to ask an estate attorney that question.
