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Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 12-15-2013, 09:00 AM   #1
I STILL don't get it
 
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Inheritance and Debt

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Old 12-15-2013, 09:06 AM   #2
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Insurance money is protected from creditors.
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Old 12-15-2013, 09:21 AM   #3
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Policies/Wills/etc. are pretty much written in stone.

Am I understanding that nobody cares about the money, they just want to fuck her over?

Just let it go, man. Don't cloud your mind with this fight. It is not worth it.
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Old 12-15-2013, 09:29 AM   #4
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The kids will get their share, but they want to make sure she doesnt get hers. When she knew my relative was getting progressively worse, she started transferring more money out of his primary line of credit into her own account trying to max it out.

Even if insurance money is protected, once it becomes deposited into her account doesnt it become fair game?

edit: Either way the kids will get their inheritance because I know debt cannot be transferred over to the family.
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Old 12-15-2013, 09:30 AM   #5
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I think maybe the OP wants the GD to pay for her debt rather than get the money and take off again. Are the collectors going after the kids for the GD debt?
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Old 12-15-2013, 09:32 AM   #6
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Not to press the issue, but why do you care (in a non-snarky tone)?

The debt will be paid off from the estate.
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Old 12-15-2013, 09:34 AM   #7
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Estate will cover probate and any other debt.
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Old 12-15-2013, 09:39 AM   #8
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But it is actually my cousins that want to know, they have a huge grudge with her. I dont want to get into details as this is a public forum, but there have been many many instances where she showed her only concern was the money and not the wellbeing of my uncle
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Old 12-15-2013, 10:20 AM   #9
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lol you could probably pretend to call the creditors and pretend to be a family member and tell them u want to settle
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Old 12-15-2013, 01:09 PM   #10
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You can't change the fact that your uncle got sold the life insurance.
You can't change the parameters of the life insurance after the fact. Unless you borrow Stewie's time machine. I assume your relative's estate is larger than just this sum of money. Just consider it tips (to insure prompt service) for the spouse to get out of your cousins' life.

The key point you didn't mention is whether the debt was racked up in the common law spouse's name or in your uncles.

My advice is to contact a proper lawyer.. eg people who advertise at the top of this forum. Quick conversation during initial consultation you will know whether you have legs to stand on.

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Old 12-15-2013, 02:04 PM   #11
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...who's problem is it now?...Yours?...and he's gone now?...
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Old 12-15-2013, 02:09 PM   #12
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stfu mr.money. why you making jokes when someone past away.
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Old 12-15-2013, 02:17 PM   #13
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I don't mean to veer this into the off-topic zone, but here is a big "what if" question:

What if the estate is not enough to cover the debts? Where / who do the debts default to? Immediate family? And what about the kids?

CL typeS - Sorry to hear about this. I hope this gets sorted out in a well-mannered order.
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Old 12-15-2013, 02:39 PM   #14
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Even if the creditors sue, won't she just fly back to Asia with the cash and not give a crap?
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Old 12-15-2013, 02:40 PM   #15
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The debt takes priority over payouts.. also life insurance usually cover some of the debts. Basically if debts are more than estate.. then chances are the kids will only get a bill from the lawyers. That's why you see a lot of Guardian / Estate sales these days.. the debt holders are squeezing everything from old crappy furniture to canning supplies to get a few cents / dollar.

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I don't mean to veer this into the off-topic zone, but here is a big "what if" question:

What if the estate is not enough to cover the debts? Where / who do the debts default to? Immediate family? And what about the kids?

CL typeS - Sorry to hear about this. I hope this gets sorted out in a well-mannered order.
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Old 12-15-2013, 02:42 PM   #16
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Since this is civil.. even if the creditors sue.. she doesn't need to leave Canada.

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Even if the creditors sue, won't she just fly back to Asia with the cash and not give a crap?
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Old 12-15-2013, 02:43 PM   #17
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Life insurance proceeds bypasses estate and creditors. Now with regards to the debt, as others have pointed out, the estate will cover the debt and any potential creditors will be seeked out to lay claim to the estate's asset. In the event that the estate doesn't cover all the debt, it would depend whether or not the debt was in both of their name or just the husband/wife. Life insurance proceeds will cover the debt only if the estate is named as one of the beneficiaries, but if the kids/wife is the beneficiaries, it is generally protected from creditors
The above information is the best of my knowledge
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Old 12-15-2013, 04:18 PM   #18
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stfu mr.money. why you making jokes when someone past away.
I Don't get the Idea of being greedy & Worrying about somebody Else's Money,then saying she's "Gold Digging" Bitch Now that the said Uncle is passed away.

Where did this Plan come out the blue?,When he was Alive SOMEONE should have knew in the first Place & Said something....now she's the Villain?.


story: 1 year ago he was alive & well,Nobody said a thing,not even a whisper...Soon as a Life insurance policie became announced it's a big fucking Mad scramble For a Pot of Cash like a Rat Race.
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Old 12-15-2013, 04:40 PM   #19
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mods please close this thread, i think ive gotten what i needed to know

once again, thanks to everyone for the advice and replies. Will pass it on to my cousins, appreciate the advice

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Old 12-15-2013, 04:41 PM   #20
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Life insurance proceeds bypasses estate and creditors. Now with regards to the debt, as others have pointed out, the estate will cover the debt and any potential creditors will be seeked out to lay claim to the estate's asset. In the event that the estate doesn't cover all the debt, it would depend whether or not the debt was in both of their name or just the husband/wife. Life insurance proceeds will cover the debt only if the estate is named as one of the beneficiaries, but if the kids/wife is the beneficiaries, it is generally protected from creditors
The above information is the best of my knowledge
Exactly, when my wifes mother passed away she had some credit card debt from not working for a year well battling cancer. When my wife and her brother received the insurance money they didn't pay off her debts owed, the only thing that the bank could go after was the estate. They knew she was dieing for over a year, when they found out they transferred her house and all her savings into their names. She had life insurance as well, that couldn't be touched and when she finally passed she had no assets so nothing for the bank to go after. They just wrote the debt off with a phone call.

They had to pay capital gains when they sold the house but that was only on the difference she purchased it at from sale price.
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Old 12-15-2013, 05:27 PM   #21
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Old 12-15-2013, 05:43 PM   #22
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Am I the only person here who knows they will inherit absolutely NO money?


It totally affects how I live my life, for sure. I know I will never be able to afford a house in Vancouver unless one of my projects eventually takes off!
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Old 12-15-2013, 06:40 PM   #23
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Am I the only person here who knows they will inherit absolutely NO money?


It totally affects how I live my life, for sure. I know I will never be able to afford a house in Vancouver unless one of my projects eventually takes off!

correctamundo!....Unless he wrote a full "Will" in any of their Names and signed contract dated & signed,and on Video recording for extra safety,their not Snatching blood money away from the family.

i thought i was the Only person Viewing the Greed here ,HIS Life insurance already says she's getting a bigger part of the Inheritance & his children next once their immature enough to bank the funds.
Good luck taking your Uncles wife to court for the New years CL typeS,really nice way to honor the passing,it's too bad nobody in the family has their own money to sit on.
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Old 12-15-2013, 06:50 PM   #24
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correctamundo!....Unless he wrote a full "Will" in any of their Names and signed contract dated & signed,and on Video recording for extra safety,their not Snatching blood money away from the family.

i thought i was the Only person Viewing the Greed here ,HIS Life insurance already says she's getting a bigger part of the Inheritance & his children next once their immature enough to bank the funds.
Good luck taking your Uncles wife to court for the New years CL typeS,really nice way to honor the passing,it's too bad nobody in the family has their own money to sit on.
I didnt want to reply as to not try to stir up anymore shit. But you have misunderstood the whole situation. There is no intention in trying to fight the will that she gets a bigger portion. They respect their fathers choice that he decided on this when he was still alive. Ill just leave this at that, theres no point in going further.

Mods please close thread
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Old 12-15-2013, 07:00 PM   #25
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by the way,i was a part of the same ordeal...

my mothers,mom passed away and she had life insurance,the pay out was 100 grand,it changed my greedy aunt who wanted all of it signed over to her,nobody could check out money unless both agreed on it,& my mother did even thou it was part of a shared bank account agreement for the two of them ,It was bugging my my mom,since she knew it wasn't bringing anybody back nor was it even Honest Money...So,she went to the bank,signed it all over to her...shes out of our life's & I watch her do the most Retarded things with it like if it's all 100% okay and normal....Purchasing Cars,Reno's on the House.....we ended up simply not caring about the money since it was a big loss in our family losing somebody,let alone start fighting about money,that We can easily get with our Careers....what my Aunt doesn't have,nor anything else in her life.
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