by cepelli » Fri Jun 25, 2010 01:56 am
Had a policy on exhusband we took out when we were married. When we divorced he transferred ownership to me. Policy was to take care of our daughter in event of death (my ins is a rider on his). She is 22 now. We were divorced in MO. I just found out that I might be revoked as beneficiary because he didn't sign a new form after our divorce. Does the ins have to go to probate? He was indigent, but deeply in debt. If it goes to probate will they use the funds to pay his bills?
Posted: Fri Jun 25, 2010 11:43 am Post Subject:
He was indigent, but deeply in debt. If it goes to probate will they use the funds to pay his bills?
It would go to probate and his assests would pay for bills and any outstanding debt. Is their a will? Who is the executor?
Posted: Fri Jun 25, 2010 03:15 pm Post Subject: executor
There is no will and no executor. He had no assets other than a checking account with less than $1000 - no car, no savings, no furniture. Mostly lots of debt, an unknown amount - he was not good with money.
Since I own the policy and he does not - don't I have some control over what happens? Can I refuse to sign the papers until his probate closes?
Or as owner of the policy, although he has passed, can I change the beneficiary to our daughter who is his only heir? Neither of us ever remarried and she is our only heir.
Posted: Fri Jun 25, 2010 03:19 pm Post Subject: probate
I should add that my daughters atty advised her not to open probate as there are no assets, just debt. Told her to walk away. His remaining family has no intention of opening probate either due to the cost vs. no assets to pay the costs.
Posted: Fri Jun 25, 2010 06:27 pm Post Subject:
no car, no savings, no furniture.
What's the debt for if he doesn't own anything?
Posted: Fri Jun 25, 2010 07:09 pm Post Subject: debt
he was taken to the hospital prior to death, so there will be a hospital bill. in his mail my daughter found other medical bills that had not been paid. I'm not sure what these will add up to. he could have outstanding lawyer fees for actions taken on his behalf (2 warrants out for his arrest at time of death) - possibly some court fines and fees.
His ex girlfriend (broke up 2 years ago) had been taking advantage and using his credit to purchase items, so i'm not sure exactly what or how much that would be. What few personal possessions he had, he gave to her when they broke up so she would go away.
The insurance is only $50,000 - it won't go far.
Posted: Fri Jun 25, 2010 07:10 pm Post Subject: debt
also - probate atty said that Medicaid can take all the funds in his estate before anyone else to repay any medical.
That would mean zip for my daughter
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