Can my creditors go after a disclaimed life insurance policy in Philadelphia?
Posted on Fri May 29, 2015, on Life Insurance
From our “Ask a Question” Mailbag: Creditor Claims and Disclaimed Life Insurance Benefits
Most Recently Updated July 14, 2018.
“Last year, my mother died in Philadelphia and named me as beneficiary of her life insurance. As my children were the contingent beneficiaries, I decided to disclaim the inheritance, and 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?”
Creditor Claims and Disclaimed Life Insurance Benefits
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 Probate Questions?
The disclaimer is only part of the overall probate process. By all means, if you wish to learn more, please read my more detailed article, The Probate Process All You Need to Know.
In Conclusion: Creditor Claims and Disclaimed Life Insurance Benefits
I hope that this article was helpful in explaining creditor claims against disclaimed inheritances. Further, I included links to even more detailed information on my website. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Probate Lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced Probate Attorneys. 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!
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Tags:creditor claims, Life Insurance, Pennsylvania, Philadelphia, Probate, Probate Attorney, Probate Lawyer