What is your thoughts?

[Pete in MI]

With my Dad's passing he left a good many bills behind. His wife passed away before him. What is your thoughts on life insurance?
Do you think life insurance someone leaves is to pay off all the debts of the deceased or is it for those the person leaves behind to help pay thier own bills and such?

I have a sister-in-law who says 'take the insurance and use it for whatever you need. Let the people he owed money to take a loss. Since you (me) are not on any of the accounts anyone he owes money to cannot expect you (me) to pay his bills and debts".

My brother agrees with his wife. Sherry feels I should use any life insurance he has to pay off his debts and if any money is left then he would want me to keep it.

I know I can't be held responsible for his debts - unless my name appeared as a joint account holder - and i'm not.

I just found out he had a second mortgage on his house - nearly $3,000. The house is going back to the mortgage company because I can't take over his payment and there in no where near enough of the life insurance money to pay it off. So would I have to pay off the 2nd mortgage I wonder since I don't have to pay off the first???

I would love to just 'take the money' as my sister-in-law said but it doesn;t seem right he should leave his debts unpaid. Or do companies figure that into their dealings with elderly people and figure there is their own insurance the company would have that covers loses due to the death of their clients.

This is giving me a head ache. If it (life insurance) is there for the family left behind and not bills then I would be able to use some of it to help others who are in need, pay our own bills, maybe get a few 'luxuries' for ourselves.

Luckily he had 2 policies - one is just enough to cover the cost of his funeral. His was not paid for. If he didn't have that I would owe nearly $7,000 for his funeral - an amount I wouldn't have to pay it off so he would leave me a debt to bury him. His other policy has some moeny to it but not for all the expenses he left behind. He even had a gasoline bill for over $1,700!!! Ouch.

Ok - anyone got a thought about what life insurance is for?

Thanks everyone for whatever thoughts you have on this.

 

[Mike from MI "Iron Brigade"]

I have never been through this sort of thing. Maybe some of the older guys can help?

 

[Philo_NY]

and we all don't really want to get involved with them, but, you can join as I did and have been a member for a few years with a monthly payment of 24.00 and I'm entitled to many services, including the the questions you are asking. If you go to a regular lawyer for consultation, fees vary, so give Pre-Paid Legal Services Inc and call and see if it's for you... 1-800-654-7757 or go:

www.prepaidlegal.com

This is just my advice, and it's the same advice someone else gave me when I was confronted with issue similar to yours...

There's also We The People... and the Legal Aid Services... AARP, many program could help you with these questions, because as Christians, we want to do the right thing before God, for the Bible tells us to obey the law of the land... Hope this helps Mike...

Philo_NY

 

[Pete in MI]

Ever hear what 1,000 lawyers chained together at the bottom of the ocean is called?


A good start. Lawyers don't like that joke.

 

[rentasquid]

and his assets are meant to settle his debts first, then take care of you second.

J.

 

[steve in so la]

d

 

[jr]

n/t

 

[SEMPERFI61]

IN EVERY CROWD THERES ALWAYS A JOKESTER;NOW THE SERIOUS ANSWER WOULD BE "TO PAY WHAT EVER BILLS YOU CAN,AND KEEP WHATEVER IS LEFT OVER".

 

[MI$$OURI BETTY]

When my mom and dad both passed away in 1984, they both had wills made out and I was appointed by them to be the Executrix of their wills! In the wills, it says all debts are to be paid first and then whatever is left would be divided equally between their four children. First everything went to dad after mom died and then after dad died everything went to the inheritors (the living children)!

I made sure all debts were paid including taking care of the bills on the home (luckily it was free and clear of any mortgage), his medical bills, any funeral bills that were not covered by their insurance burial plans. They did have burial insurance so that helped a lot in getting things settled! I took care of the home until it finally sold with the monies divided between children less any expenses that occurred before and during the sale! They had some savings which helped in paying some of the expenses until sold which also paid for their Headstones!

So like Rentasqued (J) and Steve in AZ....whatever he owes in expenses, mortgage and other credit should be paid, if possible, first and then if there is anything left...then you &/or the other children can rec it! I owe so much on credit cards and etc. that when these are paid off there probably won't be enough to pay them all or there won't be anything left for the children to fight over or be blessed with!

So, there you have my thoughts, think about them and seek advice if you need it, but a Christian will do the right thing and that is pay off your father's debts as much as possible! They are your debts now as well as the assets!! God tells us to pay what we owe and to not borrow but I have to just to keep on living! Anyway, until I can get my home sold and live in a much cheaper one!

God Bless!
Sister Betty

 

[tucky_tector]

Pete, for what its worth I have to agree with Betty. Sometimes doing whats right causes us hardships, but if for nothing else but peace of mind and soul we have to do what we feel is the right thing. Its your choice, let your consience be your guide. And pray that God will see you through it. My thoughts and prayers are with you. I wish you the best.
May "GOD" bless,
KY Bud

 

[Pete in MI]

especially when Betty has already been through this, that his bills will be paid as best as can be done. I see now why my brother was more than willing to give me the 'pleasure' of taking care of my Dad's insurance and could 'have it all'. Guess he didn't want the headaches and knew there would be little left of any insurance to divide up between us.

Thank you for your thoughts on this matter. Though it would be great to have a large sum of money to fall into ones lap and to do good with it (helping God's children who are in need) I have to do what is right and pay off what bills I can with the insurance.

At least the good news is whatever is left I don;t have to share with my brother - though I may spend his half on aspirin for the headache.

Again thanks for your help. I was just thinking what kind of answers I would have gotten on any other forum. I'm going to guess most other forums would say take the money and run

Ro 13:8 Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.
(KJV)

Now I know why.

God bless you all