Legal Question in Wills and Trusts in Illinois

my husband recently died. I am the beneficiary of his life insurance policy. Is the the policy considered his asset.? Do I have to use it to pay all his medical and credit card

Asked on 8/05/13, 9:54 am

1 Answer from Attorneys

Henry Repay Law Offices of Henry Repay
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Generally, no, the proceeds of life insurance are not an asset of his estate liable for claims. Insurance is based on contract, whereby premiums were paid for the proceeds to be paid to another party and do not belong to the insured. There are also specific exemptions that allow you to keep those proceeds against your own creditors, so you may not need to use them to pay joint liabilities either. All of this is important enough that you should not be relying on a site like this, but should be speaking with a probate attorney.

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Answered on 8/05/13, 10:33 am

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