If I Die Before My Credit Debt is Paid Off, Can the Credit Card Company Seize Money from my Life Insurance Policy?
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Summary
If I die with credit card debt, can the credit card company seize my life insurance policy from my children to pay off the debt? |
“If I die with credit card debt, can the credit card company seize my life insurance policy from my children to pay off the debt?”
When your estate is settled up after your death, all of your assets, including insurance proceeds, will go to pay funeral expenses, taxes, credit cards, etc. before the rest is distributed to your beneficiaries. If you owe more than you own, unless your children were co-signors, they will not get stuck with the difference.
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Michael Durgavich is an accomplished attorney and mediator. Maintaining a general practice in the San Jose, California area, Mr. Durgavich specializes in family law, bankruptcy, and alternative dispute resolution. Mr. Durgavich can be reached through his website at http://www.MichaelDurgavich.com. Contact This Author
State laws vary, and the above is intended as general advice, and not direct legal advice regarding any one particular situation in any one state. For direct personal legal advice related to your own situation you should consult an attorney familiar with the laws of your state and with your situation.
