Can I refuse to inherit a property that has a 30k mortgage on it but keep the life insurance money?
Question Details: My mom died but she left no Will. My brother wants the property but I don't. We have pretty much everything else paid for and we should be getting about 23k each from her life insurance were both beneficiaries but the property has a 30k mortgage on it. I don't really want to pay 15k for property that I don't want. Is there anyway I can refuse the property, keep what's left of my share of the life insurance and not have to pay 15k for this?
Yes, somone can disclaim, or refuse or give up, an inheritance, such as real estate they don't want or is not economically worthwhile. Since you state that you are listed on the policy as a beneficiary, the insurance proceeds don't go through or become part of the estate: they go directly to you and to the other beneficiary per the insurance policy, which is a contract. Disclaiming the inheritance of the real estate will have no effect on receiving benefits as a life insurance beneficiary. You can get instructions on disclaiming from the probate court.
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