Inheritance, Wills, and Life Insurance of LIVING RELATIVES, not dead ones.

[GoingDown]

As I was reading the Nolo book about filing chapter 7, I noticed that it stated that I was supposed to disclose the fact that I might be named on some relatives' wills and listed as one of the beneficiaries on their life insurance policies. Is this true? The relatives in question are still very much alive and healthy. Why is it necessary to disclose such information to the trustee? Or was the book wrong about this part and it only applies to wills where the relative has already died before I file for BK?

It would be a very uncomfortable subject to bring up with relatives-- asking them how much I'm going to get in the event of their death.

[BassBoy]

If I remember, we were asked if we were EXPECTING any inheritances and the answer was "No" because we weren't EXPECTING an inheritance even though my wife and I may be in our parents' wills, but our parents' were (and are still) very much alive. That was the end of that. I would think that if there was an inheritance or windfall in the picture during your BK process is when the answer would be "Yes".

[SinkingFast]

We were asked the same as BB.

Were we EXPECTING any type of inheritance.

We also said NO when asked that question.

We weren't expecting anyone to die in the foreseeable future that would leave us anything.

[genseeker]

It was explained to me that if you are named in the will of someone known to be very ill who most likely won't live much longer, that is what the trustee wants to know about. My trustee asked my husband if he was named in his parents' wills. Then he asked me and I started crying and couldn't answer. Hubby had to tell the (very confused) trustee that my parents have both been deceased for some time and some days I just don't handle things well when talking about them.

[magyar123]

With people living longer these days and the daily new medical technology/knowledge, death can not be predicted. No trustee will ask how old your parents are and if you expect any inheritances. They might be in their 90s, but could well exceed 100, especially if they're healthy.

[Minnymouth]

What the Trustee is looking for when he ask about inheritance, etc. is if anyone in your family, friends, have passed away recently and you are named in their will, yet the estate has not been settled yet. He's looking for funds that you know you will be getting shortly.....

He's not interested in what's in the wills of your healthy next of kin .....

If you have been told you will be getting an inheritance in the next few weeks or months because someone has passed away, this money he will want to know about.

This would also apply to kids who inheirt from their parents when they turn 30 or whatever age their parents set on the inheirtance.

[GoingDown]

Thanks everyone. That answers my questions. The relatives in question are still very healthy, so I don't expect to inherit anything until long after I file BK.