Legal Question in Wills and Trusts in New York
debts and obligations after death
I am divorced, with 2 kids. i want my ex to be my executress.i have literally no estate value except a $250,000 life ins. policy with my ex and kids as multiple
primary beneficiaries. i have many debts (cred.cards,etc)if i die, is my ex responsible for those debts. they have been incurred solely by me.
2 Answers from Attorneys
Re: debts and obligations after death
There won't be much for her to do if she accepts the appointment. The Executrix deals only with property owned individually by the decdent.
Life insurance proceeds go directy to her and the kids, untuouched by the Executrix.
Neither your ex's property nor the life insurance proceeds are available to pay your creditors.
Re: debts and obligations after death
Your "x" should not be personally responsible for your debts, although as executrix she will have responsibility to pay them from any assets you have. The insurance, if payable to your estate, will become an asset from which the debts may be paid, so you might want to consider creating an irrevocable insurance trust to own the policy, pay the premiums (from annual gifts from you to the trust) and receive the proceeds on your death.
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