A mean trick to play on your adult children

[Sistema1927]

I was executor of my Dad's estate last year. No surprises, except, in his papers I found two life insurance policies, one for $5K from before he went to Korea, and another for $10K from before he went to Vietnam. I didn't think they were still in force, since I didn't see in his finances where he had been paying premiums.

However, I soon found the accounting on his military retirement, and saw that the small premiums were being paid out of that. Contacted the insurance company (same for both), and they soon paid into the estate.

 

[Kinman]

I've known plenty of people, they only thing they inherited was a pile of debt.

Just out of curiosity how does one inherit debt? Some folks look at the National Debt as something that is being passed onto later generations. I'm thinking maybe debt for back taxes on property in the family or debt on property borrowed against or possibly a life insurance policy. My grandfather borrowed against his double indemnity life insurance so much so that when he died suddenly he left his 2nd wife basically penniless to the point she had to go back to work at 65. They all thought she would never have a worry in the world...Please enlighten me.

 

[Bullet Bob]

I'm sure there are thousands of better examples, but here's a small one. The wife of a guy I know died suddenly, she owed over $20,000 on credit cards, which he, as inheritor of her estate, had to pay. Or at least that was the position of the credit card company, I don't know how it turned out.

We have some attorney's here that I'm sure can do a much better job of telling us how these things work.

 

[625-7]

It's a mad, mad, mad world. I buried it under a big W.