Worried

Both parents are killed in an accident. I am left as legal guardian of younger sibling who is still in high school. Father has a large debt from rehab, but both parents have no assets really. The truck was fully covered, but completely destroyed, mother has a vehicle paid off, but only worth about $7K, only liability insurance, if it even matters. They had no other insurance or assets at all. I will have financial difficulties supporting my younger sibling as I am also very young, though an adult. Will the money from the auto insurance for the deaths be used to pay his debt? I really don't care about the money, but was hoping to use it to pay for my both of my siblings to go to college and set up a savings for them. I think money from a wrongful death suit would be used to pay the debts, but is the insurance part of the estate also?

I don't want to say more as the accident is fairly public, so please respect that. I am scared to death and overwhelmed.

“Will the money from the auto insurance for the deaths be used to pay his debt? I really don't care about the money, but was hoping to use it to pay for my both of my siblings to go to college and set up a savings for them. I think money from a wrongful death suit would be used to pay the debts, but is the insurance part of the estate also?”

If there was a death benefit in the insurance policy of your parents, it would be paid to the beneficiaries, hopefully you and your younger sibling. It would be your money, you do not have to pay their debts with it. But YES, you should care about the money! Your parents got the insurance to help you in an event like this.

You mention wrongful death. Was the accident the fault of another party? If so, see an attorney immediately to see about suing the responsible parties. Don’t hesitate to talk with a couple of attorneys to help your learning process.

There should be a way to add bigger or animated avatars on the forum... why isn't there? heh