Legal Question in Wills and Trusts in California
I am a senior without financial means and, I may owe more money than I owe by the time I die.A friend of mine, who will inherit my insignificant personal property and she will also be responsible for dissolving my household and take care of everythnig else necessary.
If I take out a small life insurance police with her as the beneficiary to make sure she gets paid for all her troubles, will she be entitled to collect the full amount or can a creditor demand payment from those proceeds? Thank you, Erika
1 Answer from Attorneys
The proceeds from an insurance policy become the property of the beneficiary at the time of the insured's death. If you were to purchase a term life policy, it would have no intrinsic cash value now and only a payout value later. I hope this helps.
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