My wife's Father is expected to pass away soon. We lately found out that he has racked up over $25K within credit card debt. They are only surrounded by his name and not his wife's first name. Does anyone know what might happen to this debt or who would be responsible?
Thanks
Answers: His estate will be responsible for any debts within his name single. His assets will have to be used to settle off his debts earlier anything can be distributed to the heirs.
I believe his funeral expenses are rewarded first, then any final medical expenses back unsecured credit card debt.
Life insurance is NOT part of the estate, unless here is no living beneficiary. This is also true of other things that go to a name beneficiary like IRA or 401K accounts.
Unless you are within a community property state, the spouse is not responsible for the credit card debt. Many credit card companies will try to convince family member that they must pay the debt. This isn't true.
"Estate" is the occupancy used for all his financial business - debts, property, assets. If there are assets, especiall a pooled owned home, you will need to see an attorney to directory probate.
It would also be much easier if he had a will. If he still have the mental capabilities to do a simple will, it will fashion the probate a lot easier.
his estate is responsible - not a soul else - did he have existence insurance? a will?
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Answers: His estate will be responsible for any debts within his name single. His assets will have to be used to settle off his debts earlier anything can be distributed to the heirs.
I believe his funeral expenses are rewarded first, then any final medical expenses back unsecured credit card debt.
Life insurance is NOT part of the estate, unless here is no living beneficiary. This is also true of other things that go to a name beneficiary like IRA or 401K accounts.
Unless you are within a community property state, the spouse is not responsible for the credit card debt. Many credit card companies will try to convince family member that they must pay the debt. This isn't true.
"Estate" is the occupancy used for all his financial business - debts, property, assets. If there are assets, especiall a pooled owned home, you will need to see an attorney to directory probate.
It would also be much easier if he had a will. If he still have the mental capabilities to do a simple will, it will fashion the probate a lot easier.
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his estate is responsible - not a soul else - did he have existence insurance? a will?
Resolved Questions: