Legal Question in Wills and Trusts in New Jersey
no will
our son past away at 22 yrs old. he lived at home, there is a life ins. policy but he didn't name a beni. he has college bills over the policy amount and a visa. i'm told (as his father) i have to set up an estate account. who gets paid first?
1 Answer from Attorneys
Re: no will
Since there is no beneficiary named in the policy and no Will, there must be an administration. As the surviving father (assuming no wife or children) you are eligible to qualify. You do this in the Surrogate's office in the County where he resided. This will allow you to collect the policy proceeds. Assuming there are no creditors with judgments, they all stand in equal shoes. You might be able to negotiate lower payments so the policy proceeds cover all obligations. I could assist you and you can contact me if you need help.
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