What to do about credit card debt and an estate?
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What to do about credit card debt and an estate?
My mother recently passed away; she willed the house which was solely in her name to my father with life estate interest. He is to be able to live there until he is unable, then when the house is sold the proceeds are to be put into a trust according to her will. They have substantial credit card debt. I am aware of only one of the cards to be in her name. Being that there is no other assets other then the house, will the credit card dismis the debt?
Asked on October 6, 2013 under Estate Planning, South Dakota
Answers:
Gregory Abbott / Consumer Law Northwest
Answered 10 years ago | Contributor
Not likely - before your mother's estate can pass anything on to anyone, it must pay her legitimate debts. If she was on one card then her estate owes the balance due on that card. Whether she may also owe on any of the other cards, even though her name is not directly on them, is a question a local attorney needs to sort out. If there are no other assets or other way around it, the house may have to be sold to satisfy the debt. You need to see an attorney before proceeding.
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