If I make someone beneficiary of my life insurance, bank accounts, liquid assets, property, etc., are they then obligated to pay off my debts?

Asked on November 7, 2015 under Estate Planning, Florida


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You are estate planing and it seems that you have a good number of assets to worry about.  I would strongly suggest that you seek help in person from a qualified planner.  Now, that being said, if the asset passes to anpther by operation of law (i.e, automatically) at the time of your death it is not part of your estate and creditors can not go after anything that is not part of your estate at the tme of your death. Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.