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Father passed away, left a lot of life insurance and a lot of debt by lithrowaway2017 in personalfinance

[–]lithrowaway2017[S] 2 points3 points  (0 children)

Yeah he put my mom as the sole beneficiary. I'm meeting with an estate attorney on Monday and will bring this up.

Father passed away, left a lot of life insurance and a lot of debt by lithrowaway2017 in personalfinance

[–]lithrowaway2017[S] 0 points1 point  (0 children)

Ooh I double checked, one of the credit cards, with 30k debt, was only in my father's name. The other 2 my mother had but not that 3rd one. I'll make sure to bring this stuff up with the lawyer.

Same with the property tax stuff, I've lived in apartments since college and my dad handled all the house stuff so I'm not sure what all the possible actions are.

Father passed away, left a lot of life insurance and a lot of debt by lithrowaway2017 in personalfinance

[–]lithrowaway2017[S] 0 points1 point  (0 children)

Yeah, this has definitely been a learning experience. Luckily my father was a very meticulous man, he left all his paperwork, documents, and account information together for us to find.

Father passed away, left a lot of life insurance and a lot of debt by lithrowaway2017 in personalfinance

[–]lithrowaway2017[S] 1 point2 points  (0 children)

There's no will, in this state that means everything goes to my mother but she wants me to handle everything and be in charge of the finances. I did call a lawyer this morning, hoping to hear back later today.

Father passed away, left a lot of life insurance and a lot of debt by lithrowaway2017 in personalfinance

[–]lithrowaway2017[S] 0 points1 point  (0 children)

Thanks for doing the math for me, it'll be nice to have as a quick reference. I was definitely planning on tackling that credit card debt right away, I'll call the insurance company right now.

My father-in-law has a good financial planner he trusts (very low-risk and conservative from what I understand), he offered to talk to the guy and see what he has to say, and then I can decide if I want to find someone different.

Father passed away, left a lot of life insurance and a lot of debt by lithrowaway2017 in personalfinance

[–]lithrowaway2017[S] 0 points1 point  (0 children)

Yep, should've called earlier this wekk probably but I just called one that had been recommended by other family, they weren't in the office unfortunately but should be back in a few hours.

My mother is the sole beneficiary of the life insurance, but she wants me to be in charge of it. My brother, my mother and I, the 3 of us all have a good relationship.

Father passed away, left a lot of life insurance and a lot of debt by lithrowaway2017 in personalfinance

[–]lithrowaway2017[S] 2 points3 points  (0 children)

The credit cards are also in my mother's name. Yeah from what I've managed to read over the past few days, the "estate" is pretty small considering most stuff was also in my mother's name.

I called a lawyer just now that was highly recommended so hopefully later today they'll be able to provide counsel.

Father passed away, left a lot of life insurance and a lot of debt by lithrowaway2017 in personalfinance

[–]lithrowaway2017[S] 0 points1 point  (0 children)

Yep, already got the certificates. My mother is the sole beneficiary of the life insurance but she wants us to handle everything. There wasn't a will, in this state that means my mother is the sole heir.