Legal Question in Credit and Debt Law in Indiana
Can he lose inheritance money
My father in law is a diabetic with alot of medical problems. Last year he had to have his leg amputated at the knee. He had to move in with his daughter (my sister in law). He had to let his house go back to the bank because he owed more than it was worth. He had refinanced over and over. His daughter is his power of attorney. His mother just passed away last week and he will be receiving some inheritance money from the sale of her house and possible life insurance money over the cost of the funeral. Can the bank collect the inheritance money? Is there a way for his daughter, his power of attorney, to collect the inheritance in her name. We plan on taking some of the money and prepaying for his funeral because he has VERY little life insurance. Thank you!
2 Answers from Attorneys
Re: Can he lose inheritance money
Unless the bank sues this fellow, gets a judgment and then garnishes the estate, they will not get the money.
Re: Can he lose inheritance money
Unless the bank has sued your father-in-law in court and obtained a judgment against him, it is unlikely that the bank could immediately seize the money. Another possibility to keep the inheritance in the family comes from the law relating to wills and estates.
First, please understand that I am not an expert in wills and estates, especially in Indiana (most of my practice is in federal court [including bankruptcy court] or in Kentucky).
That said, I urge you to consult with an Indiana estate law expert -- it may be that your father-in-law can decline to accept the money from his mother's estate, which may mean that it would pass to his children. It would well worth it to pay for a short consultation with an expert to maximize the chances that the money stays in the family.
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