Legal Question in Wills and Trusts in Texas

I have a questions as I am setting up my will. I am a 49 year old single man, have my teenage kids part time. I am just a couple thousand $ upside down in my house, no reason to panic. If I die, is my estate (my life insurance) responsible to pay my house, car and loans? Or is that all a wash and the money of my life insurance go to my kids?


Asked on 9/23/10, 3:42 am

1 Answer from Attorneys

You life insurance should have a a beneficiary designation on it. (double check it). If there is a beneficiary designation, then it will not be part of your estate, and the money will go directly to the beneficiaries. They do not have to use it to pay your debts in this instance.

You should still have a will to cover your other assets (you may not be upside down on your house for long) and it will make administration of your other assets easier.

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Answered on 9/28/10, 7:24 am


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