I am named second on a friends will, The first named refused. The house is mortgaged and he owes about the same value of what it can sell for. There is nothing else of value. If I refuse , like first named did, to take on deceased debts, would I still be able to collect if my name is listed as beneficiary for an IRA or life insurance?
1 Answer from Attorneys
Yes, life insurance and IRA are trust accounts where upon the death of the insured or owner the money is paid directly to the beneficiary who is named at the time of death.