My grandma was an authorized user, but not a co-applicant.
2006-10-12 06:01:35 · 15 answers · asked by Ethan 2 in Business & Finance ➔ Personal Finance
This is in the state of Florida. There is no estate (the house went to her, no other assets in his name only.)
2006-10-12 06:06:05 · update #1
GLH is correct. In most situations, the beneficiary of the estate is also liable for the debts of the deceased. This is may be limited by the value of the estate, and some things are exempt. I did a little scouting around, and it appears that Florida falls within this category. However, the things I read were in hard core legalese, so I couldn't say for certain. If grandpa left a will, this should be discussed with his lawyer and whoever was named executor. If he didn't leave a will, then your grandma should still consult with an attorney. Better safe than sorry. But my guess is that your grandmother should be prepared to pay the debt. I am an authorized user also, and I know that if my partner dies before me, I will have to pay off the credit card debt along with the final expenses. I will also have to pay taxes on whatever I inherit, including his half of the house and cars, since we are co-owners By the way, we are both old farts, and one of us will have to face this situation in the not-too-distant future. This is why people get life insurance....so their heirs will not have to go into debt paying the outstanding bills when they die. My man and I are not married, but married couples automatically share not only their personal lives, but all the financial responsibilities accrued by either.
2006-10-12 06:32:28 · answer #1 · answered by pessimoptimist 5 · 1⤊ 0⤋
Under almost all situations the debt would pass to what is known as "the estate" of the deceased. This means that any monies owed by the deceased (credit cards, ulitity bills, etc) must be paid before the remainder of the inheritance passes to the next of kin.
UPDATE: I can't imagine a situation where a credit card company won't chase after a debt owed by a deceased person. If assets are passed on to someone else under the laws of inheritance then liabilities usually are as well (even if there are no actual assets to pass on). I would bet money that Grandma is liable!
2006-10-12 06:03:05 · answer #2 · answered by Anonymous · 2⤊ 2⤋
No she is not responsible. I think he was a retired person. What was his source of income. How the banks issued credit cards - on what strength? Whatever he has shown as income for lively hood, the banks will try to attach. But your grandma is not responsible.
Take legal opinion also.
2006-10-12 06:11:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If your grandpa wasn't named in any assets, in other words if the checking, savings, and other accounts were only in your grandmother's name then no. But if his name was on the accounts as a joint owner then he has an estate and half of those accounts can be used by his creditors (credit cards) to pay off any debts owed them...
2006-10-12 06:10:38 · answer #4 · answered by Andy FF1,2,CrTr,4,5,6,7,8,9,10 5 · 0⤊ 1⤋
It depends on the credit card contracts and laws in her area.
In some states, the spouse may be responsible.
If she is not responsible, they may still be able to take back large ticket items.
2006-10-12 06:03:57 · answer #5 · answered by MЯ BAIT™ 6 · 0⤊ 1⤋
You have to read the contract. Some credit card users have an insurance for this sourt of situation. She just needs to check into wether or not he did.
I'm so sorry for your loss. God bless you and your family.
2006-10-12 06:04:27 · answer #6 · answered by mama 5 · 0⤊ 1⤋
It will depend on how he left his estate. This is why you should always leave a valid will and other documents to protect your loved ones. Even though she was his wife, its possible he left his estate not to her but to others - his kids or grandkids for example. He should have specified in his final instructions, an executor of his will and how he wanted his executor to handle any debts he left. If he left everything to Grandma, she could possibly have also inherited his debts.
2006-10-12 06:05:55 · answer #7 · answered by auskan2002 4 · 0⤊ 1⤋
A House is a Estate.
2006-10-12 06:27:32 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Just say Hell NO I ain't paying them----I didn't know anything about them when he was alive and He didn't leave any money earmarked for this credit card. 'Tell them the person who is dealing with his business affairs is Helen Waite. the can just go to Helen Waite.
2006-10-12 06:06:06 · answer #9 · answered by EMAILSKIP 6 · 0⤊ 3⤋
I think because they were married, the both share the burden of the cost. If one dies, the other is to assume the bill.
2006-10-12 06:03:49 · answer #10 · answered by cows4me79 4 · 0⤊ 2⤋