Legal Question in Wills and Trusts in New York
My friend's aunt has passed away and my friend is the beneficiary on the life insurance and 401k. The aunt has no will,no husband,no children.. She lived in a rented apartment all her life. She has approximately $87,000 in credit card debt, a life insurance policy for approx. $75,000 and a 401k worth $50,000. Will the creditors.. mostly being credit cards have any right to the money from the life insurance or 401k?
Thank you in advance for your help.
Shelley
Asked on 7/26/10, 5:46 am
2 Answers from Attorneys
Debra Palazzo
Law Offices of Debra Palazzo, LLC
Shelley, no they will not.
If that is all the property the Aunt had there will be no probate issues.
The property passed to your friend by operation of law.
That does not mean that a credit catd company won't try and collect by sending letters, etc.
Do not pay them.
Answered on 7/26/10, 5:12 pm
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