Payoff equity loan through Estate?

I am beneficiary of my father's life insurance policy. He has an equity loan on his house. Upon his passing, when the bank takes the payments for the equity loan from his estate, does that include life insurance policy? There really isn't anything in the estate, except the house. I am also trustree of Life Estate.

Payoff equity loan through Estate?

It depends who the policy is payable too. If it is payable to you, then the payment would not be considered part of his estate. However, this might be complicate dsince you re trustee. I'd check with an attorney to check your state's probate laws.

Payoff equity loan through Estate?

On four occasions I have been Guardian and/or Executor for family members. Two of these carried a HELOC (Home Equity Line of Credit) with balances upon their deaths. I carefully read the contract and both loans were very specific and only applied to amounts owed through the selling of the estate itself. I also visited the banks holding the HELOC's, not specifying the owner died, just inquiring with proof of my Guardianship and/or Executor as executed through a Probate Judge, and was informed that the loans would be satisfied with the proceeds from the property only as stated in the contract. READ THE CONTRACT AND VISIT OR CONTACT THE LENDER!

This was my circumstance and may not apply with you. Always consult an attorney specializing in real estate if you have any doubt. To insure your existence and claims you will want to go through %26quot;Probate%26quot; at the courthouse where the deceased lived.

If no %26quot;will%26quot; exist and/or named %26quot;Administrator%26quot; or %26quot;Executor%26quot; is dead or incapable you MUST go through %26quot;Probate%26quot; in the county courthouse where the deceased lived and file through the %26quot;probate%26quot; system. In Georgia, if this is the situation, the state can %26quot;determine%26quot; what percentage, if any, to award you or the one %26quot;probate%26quot; appoints. Georgia can take as much as 30% +/- , especially if there is no %26quot;will%26quot;, of all interest (money to you) you may claim.