I am the beneficiary of my father's will...if he passes away, will I be responsible for his credit card debt?

Answer 1

No, you will not be responsible for his debts but what he owes will be taken out of his estate before it is dispersed to beneficiaries such as yourself. If there is not enough money in the estate to cover his debts thaen the CC company won't get paid entirely and beneficiaries will get nothing.

Answer 2

Indirectly. His estate is responsible for his credit card debt (and all other debts, for that matter). After all debts are paid, any leftover assets would then go to you. You just don't get as much because the credit cards were paid off. However, if there are not enough assets in the estate to pay off all the credit cards you are NOT responsible for paying them. That's a risk the credit card companies take. They may contact you and try to guilt you into paying, but it is not your responsibility.

Answer 3

My father died a few years ago and I was not responsible for any of his debt. The only way that you would be considered liable is if your father had you as a user on his credit cards, but if your father has any other property when he dies (my father just had debt) then the creditors can go after his assets to retain what he owes them before it goes to you and your family. But since my father was just plain broke I did not have to deal with probate. My suggestion is to talk to a Probate Lawyer and ask see what your options are, especially if there is property involved.

Answer 4

Some people have life insurance policies that cover outstanding debts. When a person dies, whether they have a will or not, their estate has to be "probated" in Probate Court, where the judge examines the will and holdings of the estate and usually orders the debts to be paid from it by the executor of the estate. After the outstanding debts for the person's estate are paid, then any funds or other items are ordered to be turned over to the heirs.

Answer 5

humorous you're able to ask, I artwork as a probate collector. The sources is to blame for the debt however the executor may well be waiting to get a settlement for a decrease volume. In my business enterprise, the backside we are able to negotiate is 70% of the steadiness yet that would could desire to be paid lump sum. in case you have people renting the condo sources & the valuables is getting month-to-month money, see if the creditor will settle for month-to-month money from the valuables until eventually it fairly is paid off. they're going to frequently not settle in case you do month-to-month money, however. they are in a position to, additionally, placed a lien on the condo sources so as that, once you pass to sell it, the 1st component to money is going to the creditor. Federal rules administration debts with credit enjoying cards, maximum state rules do not supersede them.

Answer 6

The estate will be. All debts will be paid from the total amount of the estate, then the beneficiaries get the rest.

Answer 7

You do NOT inherit his debts. His estate, meaning anything he owns at death, must be used to bay his debts before you inherit anything. If he does not own enough to cover the debts, the creditors eat the loss, but you inherit nothing. If you wish to keep some of the assets, you can CHOOSE to pay the debts to eliminate the claim on the estate.

Answer 8

Your father's estate will be responsible for the debt. Your personal assets can not be encumbered by your father's debts. In plain english, you will inherit whatever assets your father has after all of his valid debts are paid.

Answer 9

only if he has money they will pay off all his debts first but most people have it set up on there credit cards if they pass away it will be paid for.

Answer 10

Absolutely not. His credit card debt will die with him.