Legal Question in Wills and Trusts in Alabama
Life Insurance HELP!
My father-in-law left his life insurance to my husband. I have read that life ins. is not considered part of an estate. Can that money be used for our personal debts or has it got to be used specifically for the decease debts.
1 Answer from Attorneys
Re: Life Insurance HELP!
If your husband was named a the beneficiary of the policy, your husband has no legal obligation to pay one red cent on your father-in-law's debts. Extending him credit was a business decision made by the creditor and they are the ones taking the risk, not you. However, that being said, they would have a claim against your father-in-law's estate and the estate is obligated to settle up with them before any excess is distributed to his heirs, your husband being one of those heirs. It might help to get with an attorney to sort it all out.
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