hi
I have a 100k mortgage with my girlfriend on a property. This property belongs to her, i am not mentioned on the deed, thus this house is not part of my estate.
I have an insurance policy for 100k from mapfre to cover the mortgage in case of my death presuming that the bank would receive this cash and wipe out my mortgage thus leaving my girlfriend free of debt.
I recently made a basic will leaving my estate to my nephew, however someone has told me that in the event of my death, the insurnace money would go straight to him as it is an asset of the estate and not tied to the bank.
how is the money sliced up, would the entire mortgage be paid off, or just my half, or none,
any help appreciated
kevin
I have a 100k mortgage with my girlfriend on a property. This property belongs to her, i am not mentioned on the deed, thus this house is not part of my estate.
I have an insurance policy for 100k from mapfre to cover the mortgage in case of my death presuming that the bank would receive this cash and wipe out my mortgage thus leaving my girlfriend free of debt.
I recently made a basic will leaving my estate to my nephew, however someone has told me that in the event of my death, the insurnace money would go straight to him as it is an asset of the estate and not tied to the bank.
how is the money sliced up, would the entire mortgage be paid off, or just my half, or none,
any help appreciated
kevin
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