Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Can my creditors go after a disclaimed life insurance policy in Chester County?

Posted on Wed Dec 23, 2015, on Estate Planning

From our “Ask a Question” Mailbag: Chester County Creditor Claims and Disclaimed Life Insurance

Most Recently Updated August 1, 2018.

“Last year, my mother died in Chester County and named me as beneficiary of her life insurance. As my children were the contingent beneficiaries, I decided to disclaim the inheritance, so the insurance money passed to my children. I was recently in a car accident. If I am sued, can they claim that life insurance money?”

Chester County Creditor Claims and Disclaimed Life Insurance

Chester County Creditor Claims and Disclaimed Life Insurance

No one can force you to take an inheritance. If you properly disclaimed your interest in the life insurance, then you never received it. If you never received it, then any future creditor that you may have cannot claim the asset. From your description of the facts, your car accident came after the disclaimer. If so, and if you properly disclaimed, the plaintiff cannot reach the insurance proceeds.

More Planning Questions?

A disclaimer is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Chester County Creditor Claims and Disclaimed Life Insurance

I hope that this article was helpful in explaining Chester County Creditor Claims and Disclaimed Life Insurance. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags:

Chester County, creditor claims, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Life Insurance, Pennsylvania

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Albert A.

You & your staff are the best thank you for everything.

Klenk Law Logo
Stars

A Google User

Peter Klenk & Associates is my go-to firm for estate planning and advice in probate and estate administration. Peter and his attorneys are top-notch and exceptionally responsive. Peter has the knack of being able to explain extremely complex tax and estate planning issues in a manner that clients are easily able to understand and comprehend allowing them to confidently make important decisions.

Klenk Law Logo
Stars

Michael Wolfgang

Peter and the whole team at Klenk Law are top notch. They are thorough, efficient and understanding of client needs. He was able to tailor our estate planning needs just how we envisioned.

Klenk Law Logo
Stars

Rocco D.

I have worked with Peter Klenk & his associates for some time now and I have found them to be ultra-qualified, knowledgeable and diligent about their work. I highly recommend them.

Klenk Law Logo
Stars

Maxine G.

Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.

Let us put our expertise to work for you.

Free consultation within 24 hours.