If I make someone beneficiary of my life insurance, bank accounts, liquid assets, property, etc., are they then obligated to pay off my debts?
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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
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 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.
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