2007-10-29 07:02:46 · 18 answers · asked by questions? 1 in Business & Finance ➔ Personal Finance
No you're not, but their estate is. If you're the executor of the estate, you are responsible for its debts and payments. [Responsible is not the same as liable.]
So talk with an attorney before you do much with their finances - their creditors have rights before the estate is distributed to the heirs.
2007-10-29 07:12:47 · answer #1 · answered by noname 7 · 0⤊ 0⤋
Only if you are a co-signer on the accounts. If not, you need to either call the card companies or mark the bills as deceased and send them back. They may request a copy of the death certificate to close the account. They may also try to convince you that you have a moral responsibility to pay these claims, but don't be fooled -- you can not be held responsible for the debts of your parents unless you cossigned. If your parents have a large estate - and large debts, the companies can attempt to file a claim against the estate.
2007-10-29 07:07:22 · answer #2 · answered by Snoopy 5 · 1⤊ 1⤋
No. These are personal debts that must be paid out of the estate of your parents before any bequests can be made.
However, if you are the executor of the will, then you must pay these bills off before you distribute any funds. If you execute the will before paying these amounts off, you may (likely will) become responsible for any and all unpaid personal debts.
Best advice... talk to a lawyer, it's worth it (and no, I'm not a lawyer, so take all this advice with a grain of salt, too)
2007-10-29 07:08:56 · answer #3 · answered by ianmacpherson55 3 · 2⤊ 0⤋
Credit card bills are unsecured debt. So legally? No, neither you nor the estate must pay these bills.
Ethically? Your call.
ADDITION: Wow, a lot of conflicting info on this question. People need to learn the difference between unsecured debt (credit cards) and secured debt (mortgage, car loan, etc...).
Secured debt becomes the responsibility of the estate to repay. The executor of the estate will pay these creditors from the money in the estate.
Unsecured debt is NOT required to be repaid. The creditors will most certainly come after you to repay it. They will call and send letters to try and intimidate you into paying. But..... you do NOT need to repay this debt.
2007-10-29 07:05:46 · answer #4 · answered by kja63 7 · 0⤊ 1⤋
It all depends on whether your parents had insurance cover to pay off all debts when they pass over. Some credit card companies have this built into the account itself. Some companies may try to make you responsible for all their outstanding debts. I seriously suggest you go along to your Citizens Advice Bureau as soon as possible to get this sorted out. Take along all the accounts details that your parents had, credit card bills, utility bills, insurance policies, everything and get them to intervene on your behalf to get any debts waived. The sooner you can get there, the sooner you can put aside these horrible reminders of your parents passing, the sooner you can move on to grieve properly and stop worrying about what is going to hit you next.
2007-10-29 07:09:12 · answer #5 · answered by Anonymous · 0⤊ 1⤋
the reality is that it depends on alot of things...including the state you live in. You have a few options...first i would consult an attorney BEFORE you agree to OR sign anything. In some states, as mentioned by another contributor, the estate should handle it (assuming there was a will in the first place) Whichever, don't assume anything. Do you have other siblings? Check with them if you do...just an idea.
2007-10-29 07:08:01 · answer #6 · answered by Mark N 2 · 1⤊ 0⤋
No i watched a video on 60 minutes once on the crap that credit card companies do. They may keep bothering and bothering you to pay them. But legally you are not responsible at all. Goes the same for your kids. The video went into detail about how after a kid in college committed suicide because of his debt to a credit company, they then went and tried to charge the parents. The parents took it to the news company and the new station did a report on it. I would suggest you do the same! Tell them if they keep bothering you, you are going to take it to a newspaper or a station. T.V. and newspapers love to exploit horrible companies.
2007-10-29 07:08:55 · answer #7 · answered by jhunter 2 · 1⤊ 2⤋
If there is an estate (any assets left by your parents) then the monies need to be paid out of that estate. If you are the executor then...you would be accountable for that money.
Best advice if there is any money at all talk to a lawyer.
2007-10-29 07:06:51 · answer #8 · answered by foxinsox 6 · 1⤊ 0⤋
Your parents' estates are responsible. You are not personally responsible unless you are a co-signer or co-borrower on the debts.
2007-10-29 07:05:50 · answer #9 · answered by Anonymous · 1⤊ 1⤋
No, you have never signed any contract with the company but I believe the estate is liable.
2007-10-29 07:06:30 · answer #10 · answered by maliki001 2 · 0⤊ 0⤋