The cosigner if there is one is first to be responsible for the balance of the loan. After that the mom's estate meaning who ever is seeing to her affairs. This can be the relatives or the actual State government.
If there was a will, the lender has 6 months to file a judgment in the Surrogate's Office for the estate to pay. If there was no estate to pay off the debt, the lender eats the loss. No one else is responsiable for the loan, unless there was a co-signer.My husband died without a will and no estate. He had no money in the bank, and nothing of any value. We were separated for years. He had bought a car two years before he died. He did not take life insurance on the loan. Since the loan was only in his name, I was not responsible. The car was returned to the dealership where he had purchased it and that was it.The options I had were to return the car, or to take over payments and ownership. Since he owed $20,000.00 on the loan, and the car was worth only $14,000.00, I opted to return the vehicle and call it a day. The lender cannot come to me for the remaining balance.The lender lost.
The existence of life insurance has nothing directly to do with the liability for the indebtedness on the car, subject to the following explanation.
If there was a cosigner on the car loan, that person would be financially liable for the balance of the loan. The car could be sold, the amount received in payment applied to the loan, and the amount owing thereby reduced. The cosigner would therefore be liable for the remaining amount. A similar process could occur if the car is returned to the lender/seller.
If there was no cosigner an estate may be opened for the deceased. Whether or not one is or has to be depends upon the law of the jurisdiction. The person named or appointed as executor of personal representative does not, strictly by virtue of holding that title, have any financial responsibility for payment of the loan. Generally, the existence of an estate is advertised in a newspaper of general circulation for a period of time dictated by statute--often 90 days. If a creditor does not assert a claim against the estate within that time, a later claim is normally time-barred.
If the law of the jurisdiction requires that an estate be opened and a Notice to Creditors published, but it isn't, if individuals such as you take money or things of value that had belonged to the deceased and that could have been applied to his/her debts, you may be found liable for those debts to the extent of the value of the money or property that you took.
The precise outcome is fact-specific and depends in large part on the law of the jurisdiction in which the deceased lived at the time of his/her death.
This is not intended, nor may it be construed, as legal advice.
George Bailey has a life insurance policy worth $5,000.
The person who loves his family & is responsible will need insurance
This life insurance policy is worth only the face value.
my sister died and I need to no if she has life insurance
Life Insurance goes to a beneficiary, not an estate. Unless the beneficiaries are no longer living.
No, you are not responsible for their back child support.
I found an old Knights Life policy-is it worth anything?
The beneficiary of a life insurance policy is not responsible for paying for the deceased's funeral cost using the money from the proceeds of the life insurance policy. The estate of the deceased is responsible for paying for the funeral cost from the proceeds of the estate.
If I'm not mistaken the successor to Stockman's National Life Insurance company is World Service Life Insurance company of Forth Worth Texas
The average life insurance policy is worth around 250,000 dollars to the survivor. Many people have policies that pay out even higher.
Direct insurance is insurance in which an insurer is directly responsible to the insured. Does not include life insurance. For more on direct insurance check out this Canadian company in Alberta https://www.westerndirect.ca/
Comprehensive Life Insurance Analysis How much life insurance do you need? This comprehensive life insurance calculator includes detailed net worth analysis, budgeting and college savings to help you decide how much life insurance you might need. You can also adjust the inflation rate and your expected rate of return to see how these variables can impact your insurance needs.
how do i collect on my husbands life insurance ? he worked at Hughes Helicopter and was covered from 09-14-79 to11-01-00.his name was R.J. Fernandez he died 07-01-2007 You mail a copy of the death certificate to the insurance company that issued his life insurance policy. If he was only covered from 9-14-1979 to 11.01.2000 then he had no coverage when he died, 7 years after the coverage ended. Therefore, no life insurance can be collected. Depending on your late husband's particular circumstances [to which I am not privy], it might still be worth contacting the company in the event there were any benefits due by way of superannuation arrangements.
need to find out how much my life insurance policy is worth
You can buy any amount of life insurance that you want (and that you can afford). Policies can be as small as $500 or as large as many millions of dollars.
Most traditional life insurance companies don't offer insurance for cancer patients. Benefit House Insurance Services offers such services, but it may be worth it to investigate many insurance companies to see what the options are.
No, it is the correct thing to do and it takes character and love to buy insurance. It is not wrong to have life insurance. In fact, it is a loving way to provide financial protection for your family, even after you have died. It is advisable to have a life insurance especially if you have dependents and debts to cover. A life insurance policy could make a significant difference in the life of your family.
Unfortunatly I believe so, that is what life insurance is for.
No, they will pay the claim to you and then you will be able to do what is fiscally responsible.
Life insurance death benefits are passed to beneficiaries income tax free.
No. But you can count it's redeemable value as part of your net worth. Be aware that not all life insurance policies have redeemable value. Contact your insurance agent for more details.
Not that I know of.. What does one thing have to do with the other?