If my spouse passed away leaving a car lease and not on the lease, do I need to pay a penalty for cancellation?

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If my spouse passed away leaving a car lease and not on the lease, do I need to pay a penalty for cancellation?

Asked on January 14, 2015 under Estate Planning, Maine

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

I am so sorry for your loss. You need to check a few things.  Some leases have life insurance provisions attached and in some states that works to cancel out the debt.  You also need to read the terms and speak with a debt collection attorney in your state because it is indeed likely that they will go after the estate for the money.  Good luck.


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