Full question:
My brother recently died without a will. My brother and I are the only relatives left. (My living brother is someone who would not want his name on any document--anti establishment, government person.) My dead brother had a lot of debt and no insurance and the last month of his life he spent in the hospital. The social workers were able to get him on disability because he was so ill for so long. The only money he had is a small retirement of $36,000 and had my (deceased) father as beneficiary. When I send them the death certificates and put my name on the retirement will, I then be responsible for all the debt he had? And if I am responsible, can I take my money for the funeral and all first?
- Category: Debts and Credit
- Date:
- State: Wisconsin
Answer:
Generally, you will not be responsible for your brother's debts unless there is a lien on his property. Inheriting his retirement account does not automatically make you liable for his debts. However, if you are named as the beneficiary on the retirement account, you may need to use those funds to pay for any outstanding debts, but this typically depends on the specific circumstances and laws in your state.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.