Legal Question in Wills and Trusts in Illinois
life insurance policiy
My mother recently died and left me as beneficiary of 2 life insurance policies. At the time of her death she had a large amount of debt due to her medical conditions. She had some health insurance but still left some bills unpaid. She had no other assets besides a simple checking and savings account. As the beneficiary of her life insurance policies what is my legal responsibility concerning her unpaid debts.
2 Answers from Attorneys
Re: life insurance policiy
It depends...but usually you will not have to use the proceeds of insurance to pay the debts of a deceased person.
If you have any questions, feel free to contact us.
Re: life insurance policiy
Just because you are the beneficiary of your mother's life insurance policies does not make you liable for her debts. However, if you signed anything that guaranteed any of the debts, then you may indeed be liable.
I would advise you to have an attorney review your mother's asset/debt situation. He/she can then advise you how to proceed to notify creditors, and to determine how they will be paid out of her existing assets.
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