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#31 of 37 Old 02-23-2012, 06:03 AM
 
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Originally Posted by laohaire View Post

Yes - as long as there are adequate assets in the estate to do so.


There was cash and other assets to cover retirement.  If someone didn't have much in the way of savings or other assets though, I could see where their mortgage could be a problem for their heirs.  

 

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#32 of 37 Old 02-23-2012, 02:09 PM
 
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So that's why it's a consideration when you calculate what life insurance you need.


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#33 of 37 Old 02-23-2012, 02:17 PM - Thread Starter
 
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You guys are confusing me!! So if DH & I both die, no one is responsible for our mortgage, correct? But obviously if anyone wants to keep the house or benefit from its sale, they would need to continue paying the mortgage & related fees, right? If we didn't have enough life insurance to cover the house, it would just go back to the bank?

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#34 of 37 Old 02-23-2012, 02:18 PM
 
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#35 of 37 Old 02-23-2012, 02:45 PM
 
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#36 of 37 Old 02-23-2012, 07:36 PM
 
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Quote:
Originally Posted by crunchy_mommy View Post

You guys are confusing me!! So if DH & I both die, no one is responsible for our mortgage, correct? But obviously if anyone wants to keep the house or benefit from its sale, they would need to continue paying the mortgage & related fees, right? If we didn't have enough life insurance to cover the house, it would just go back to the bank?


My suggestion is to talk to a financial planner.  Advice is at no extra charge if you've purchased one of their investment products, like an IRA.  After my dad died we hired one.  She cost us $1000 for a year of unlimited advice and some services, such as notary service which we needed on several occasions while settling the estate.  Of course, she would have charged by the hour instead.  We did not have any investments with her company, and I felt like she steered us in the right direction, so it was worth it.

 

Financial planners would have some advice for estate planning, but there are people who specialize in estate planning.

 


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#37 of 37 Old 02-24-2012, 10:32 AM
 
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Thank you crunchy_mommy for this thread!  I was just coming to post this question!  I appreciate all the responses!

 

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