Legal Question in Wills and Trusts in California
No will, outstanding debts,filing last income tax,whose responsibility ?
Presently,my boyfriend has outstanding credit card debts, car loan, business debts (sole-owner), no will. I am beneficary on small life ins. policy, this is the only asset. If he were to die, how are outstanding debts handled,(would I have to pay out of ins. proceeds) who is responsible for filing last income tax? Only living blood relative is a sister.
Asked on 11/04/00, 9:19 am
1 Answer from Attorneys
Ken Koury
Kenneth P. Koury, Esq.
Re: No will, outstanding debts,filing last income tax,whose responsibility ?
Good news. If he were to die you keep the insurance money and unless he has other assets, the debts dont have to be paid by anyone.
Answered on 11/18/00, 12:20 am
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