Can I refuse to inherit a property that has a 30k mortgage but keep the life insurance money?

UPDATED: Oct 2, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Oct 2, 2022Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Can I refuse to inherit a property that has a 30k mortgage but keep the life insurance money?

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?

Asked on September 16, 2019 under Estate Planning, Illinois


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption