What to do if my mother recently past away and I have found that she owes a credit card approximately $7,000?

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What to do if my mother recently past away and I have found that she owes a credit card approximately $7,000?

She has know estate to speak of. She took a second mortgage on her home, has exhausted her savings, CD’s and very little funds left in her personal checking acct. My concern is my obligation to this debt, do I have any as the executor. The only name on the credit card is her.

Asked on May 18, 2014 under Estate Planning, Missouri

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

Sorry to hear about your mother.

You are NOT liable for your mother's credit card debt.  The credit card companies know that despite what they will tell you to the contrary.  If the estate does not have sufficient assets to pay the credit card debt, the credit card company (companies) won't collect anything.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

An executor is NOT liable for the debts of the deceased or of the estate. If the credit card was not in your name, then you would not be liable for it simply because you are the executor. The debt is a debt of the estate, and would have to be paid before any remaining assets are distributed; however, from what you write, there are no assets, so some additional debt doesn't make any real difference.


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