2023-08-23 02:09:53
You correctly answered this morning the one who signed “Distraught” and whose mother was named beneficiary of her husband’s estate, which left her $20,000 insurance and some furniture on the one hand, but also $38,000 in accumulated debts.
Telling him to consult his notary and his accountant before refusing the succession was in itself a good thing. But another avenue is possible. If his mother is specifically named as the beneficiary of the $20,000 insurance, then that amount is no longer part of the estate. She can therefore discount this benefit on the one hand and refuse the inheritance on the other hand.
On the other hand, if there is no beneficiary specifically named on the insurance contract, the product of the insurance is then part of the estate and the beneficiaries will therefore be the legal heirs. And in this case, as the succession is in deficit, it would be necessary, either to refuse the succession, or to consider a proposal to the creditors. But to be on the safe side, she should consult an insolvency counsellor.
VB
As I hold the minimum of information on this case, I pass on your advice to her as a whole, hoping that she will benefit from it.
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#protect #problematic #successions