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.
Usually a widow is entitled to their deceased husband pension and estate unless otherwise specified in their late spouses legally notarized will.
Only if the estate was named the beneficiary of the pension and only if the pension is payable beyond the life of the decedent.
Typically the estate is responsible for clearing up any liabilities. The affairs of the estate are usually handled by the executor of the estate.
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
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.
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.
That is the reason you open an estate! The probate process will resolve the ownership under the laws of intestacy.
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.
Yes. He should name you as the beneficiary and your children as contingent beneficiaries. That way it will not become part of his probate estate.
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 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.
HAve recent experience in this. A bad credit report will keep the insurance company from bonding you.
The wife is not directly responsible unless named on the credit card. The estate has to pay the debts before she can inherit anything.
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.
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.
The important step is to open an estate. The executor of the estate will deal with the debts and assets. If the debts are joint responsibility, they won't go away.
Tell the credit card company that the card holder is deceased. They do have some rights in some states to collect the money owed from the deceased's estate. They can sue the "estate" for the money owed. Note: a life insurance policy paid to the widow is NOT his estate.
Indirectly. The estate of the deceased husband is responsible for resolving all of his debts. Since the widow is going to be the primary beneficiary of the estate, she will inherit less because the estate has to pay the debt.
In your case, no, the proceeds will not be included in the estate of the decedent. Since you were the named beneficiary the proceeds pass directly to you. Of course, upon your death they will be included in your estate. Whether or not a judgment against your husband will allow the other party to go after your assets is obviously a more complicated question. But the life insurance is not part of his estate.
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
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.
In the event of your death whilst owing money to your creditor and when you leave an estate then the first thing to be sorted out from the estate are your debts which you owe at the time of your death and for the executor of your will to ensure that any monies owed to you by a third party is also collected in as your estate consists of your entire assests at the time of your death once all of your debts and monies owed to you are collected and paid out and what is left is then permitted and only then to be shared amongst the beneficiaries but your creditor is not permitted to take the private pension of your spouse in order to recover your debt unless your spouse also signed as the guarantor at the time the credit was was agreed and paid to you in which case a judgment must be granted by the court in their favour against your spouse before they are permitted to claim or to arrange deductions directly from your spouses private pension Or if you meant to ask if your spouses creditor is permitted to claim your spouses private pension upon theur death then again the answer is no as they get paid from the contents of your spouses estate before you or any beneficiaries are given your share and their estate consists of all of your spouses assets at the time of their death and a pension scheme is paid in installments weekly or monthly and therefore the money from their private pension does not count as part of their estate as the money in the pension is not yet at that point of the estate being worked out yet an asset nor part of the estate .
In Maryland, and every other state, the estate is responsible for the debts. However, most insurance requires the insurance holder, normally the husband, to guarantee the costs. So indirectly, the spouse will pay because they will not inherit the money that went to pay the debt.
Indirectly, typically the estate has the responsibility to settle the medical bills, not the spouse. The insurance agreement may say otherwise.
If life insurance is payable to a beneficiary other than "the estate of ...[the decedent]", proceeds are payable directly to the named beneficiary and do not normally become part of the estate. However, if the designation of beneficiary of the life insurance policy is the estate of the decedent, proceeds do usually become part of the estate.