Do you have to pay off credit cards of deceased?
Do you have to pay off credit cards of deceased? This question has no standard answer. The only thing that is sure and concrete is that debt cannot be inherited. This means that you cannot pass on your debt to your children. However if the credit card is of a joint account then the person still alive has to make sure that the debt is paid off.
There are several other ways that a credit card company might claim the money that is owed by the deceased towards the debit card debt. These include the sale of property etc. There are many issues that are involved in the collection of debt of the deceased.
When the person dies his property is first assessed and then brought together as a collective lot. If the person has written a will then the property passes on but if the person has no will then the property is then auctioned. The money that would come out of the auctioned property is then paid off to the creditors.
Although the discretion as to whom the money would go to incase of multiple creditors depends on the court of law. Therefore it is possible that some creditors will be left out.
Do you have to pay off credit cards of deceased is a question that is asked by most people who are related to the person deceased. If you are a spouse who has signed the credit card along with the person who is deceased then the responsibility of settling the debt would come on you.
However, if you have not signed the credit card then you are free from the responsibility of settling any debts what so ever. Also it is to be noted that you should have actually signed the credit card. If you are just another authorized user of the account then you are not in anyways connected to the debts.
If you still have further questions on do you have to pay off credit cards of deceased? Then you should take your queries up with your lawyer and get the legal council on the matter. You should make sure that you are well within the law and proceed with proper legal council on this matter. If you do not have a regular lawyer then you should approach a law firm that will prescribe the proceedings in accordance to the law of your country.
