Legal Question in Wills and Trusts in Missouri
I have a couple questions. My Mother (surviving my Dad) passed recently. She had a beneficiary deed filed in March 2008 for the real property. She took out a reverse mtg. in October 2008, but my understanding is the beneficiary deed survives, is this correct?
My Mother also did not have a will, nor did she have anything of value outside of the real property except her very small life insurance policy. She has left behind some medical bills and a small credit card debt. In the state of Missouri, do the siblings or her estate have any liabilty to these debts?
Her life policy had a loan against it. Is it still worth full value or minus the loan responsibilty?
1 Answer from Attorneys
The surviving children and siblings are not usually responsible for the decedent's credit card or medical bills, unless they signed a financial responsiblity agreement. The decedent's probate estate is subject to claims by all the decedent's creditors. If the beneficary deed was recorded prior to the reverse mortgage, then it supersedes it. If not, then the reverse mortgage may be superior. The loan against the lifer insurance policy may reduce the amount going to the beneficiary(ies).
Good luck .
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