Question
NC law regarding credit card debt left by deceased family member.?
My Father has passed and his only CC had about $20000 of debt on it. Myself and his wife had use of card but never signed agreement as liable. Can CC collect from them or estate? His estate is a living will trust acct. that I inherit, but is not declared mine until I withdraw the money. Is it protected from CC collections?
5 months ago - 2 answers
Best Answer
Chosen by Asker
If you were only an authorized user on the card, and not an account holder, then you are not liable for the debt personally. However, his estate must pay all debts before any inheritance can pass on to the heirs. So indirectly, you will pay the $20k because the estate will be worth $20k less by the time it passes to you. If his entire estate is worth less than $20k, then the debt must be paid as much as possible, the remaining balance should be canceled and you aren't liable for it, but you won't inherit anything. When you die, what you own must stand good for what you owe, including both secured AND unsecured debts. Make sure you consult an attorney throughout the process to make sure everything is done within the law. If you improperly disperse funds from the estate to an heir, it could make the heir liable for the debt.
by SmartA$$
5 months ago
Asker's Rating: 
Other Answers
Smartass is correct in his answer.
by Crazyjester9- 5 months ago