Legal Question in Wills and Trusts in New York
Seizing Life Insurance Benefits
Can life insurance benefits be seized to pay credit card or hospital debts of the deceased?
Asked on 6/30/08, 6:47 pm
1 Answer from Attorneys
Re: Seizing Life Insurance Benefits
I believe that the proceeds of a life insurance policy do not fall into the estate of the deceased; rather they inur directly to the benefit of the named beneficiary.
That is good news for an estate that has debt (as the executor of the estate must pay the debts of the deceased out of the assets of the estate).
Answered on 7/01/08, 7:07 pm
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