Not sure if there is a better section of the forum for this thread. If so, please feel free to move it.
My mother passed away last month. All of her bank accounts were TOD to pass to 5 children. Likewise, her 3 life insurance policies had 5 children as beneficiaries. There are no other assets. Since these accounts and policies automatically pass to the beneficiaries at death, there is no probate. Does that also mean there is no "estate". She did have some money on a credit card balance outstanding. She was the sole account owner of the credit card. Does that credit card debt need to be paid, if so, how since all assets have already been disbursed. This is in the state of Missouri.
Thanks for any insight you can provide.
My mother passed away last month. All of her bank accounts were TOD to pass to 5 children. Likewise, her 3 life insurance policies had 5 children as beneficiaries. There are no other assets. Since these accounts and policies automatically pass to the beneficiaries at death, there is no probate. Does that also mean there is no "estate". She did have some money on a credit card balance outstanding. She was the sole account owner of the credit card. Does that credit card debt need to be paid, if so, how since all assets have already been disbursed. This is in the state of Missouri.
Thanks for any insight you can provide.