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March 9, 2013

Daniel asks…

estate executor? biggest pain in the ass?

My boyfriend passed away in a motorcycle accident in 2008 on a motorcycle that I co-signed for. The bike was totaled and the insurance company paid off the bike with an extra ~$2200. But they made the check out to his “estate”? He has no will, or “estate,” and we [his mother and i] desperately DESPERATELY need this money ASAP. Do we really have to get a lawyer and go to court and do all that bullshit?!? They are re-issuing the check as the old one got lost in the mail. Before they do so, is there ANY way to get the freaking thing written out to a person who is actually alive?! They told me they need proof of the executor of the estate to be able to make it to a person but how the HELL can i get that in a fast, CHEAP way?!? Why is this so freaking complicated I feel like tearing my hair out this process has taken months! Do they not realize that we are already going through a lot losing this person, and all the financial responsibility that comes when someone passes away…also i co-signed for this bike so why the hell can’t they make it out to me?

Please help me I am so frustrated I just want to rip my hair out and cry.

Administrator answers:

No there is nothing you can do. EVERYONE who dies has an estate. The estate may have a value of zero (or less), however there still needs to be an avenue available to ensure creditors have a chance to see if there is any funds available to recover debts owing to them. The money paid by a property insurance policy is ALWAYS made out to the policyholder (assuming there are no lienholders registered on the policy). If the policyholder is no longer alive then it HAS to made out to the estate. Even if there were an executor/executrix any monies received with respect to the estate, even if the cheque is made out in their name, HAS to be used to settle the estate first. If the executor used the funds improperly they could be sued by creditors and/or heirs. As your boyfriend did not have a will (big mistake) the court will have to assign someone as an administrator to settle the estate. This means that any debts your boyfriend had (i.e. Loans, credit cards, etc.) will have to be settled before you or his mom will see any of the motorcycle insurance money (assuming there’s any left). If your boyfriend had life insurance and named you or his mom then the money would be paid out right away, however estate funds get used to settle estate business first.

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