Navigation
  #1  
Old 08-28-2008, 11:55 PM
cat95204 cat95204 is offline
 
Join Date: Aug 2008
Posts: 1
Credits: 43
Default Debts of deceased parent

My mother passed away four weeks ago. Although my father is still living, he has dementia and is not capable of handling his personal business. My mother had a couple lines of credit in her name alone. Is he still responsible for payment of these accounts?
Reply With Quote Quick reply to this message
  #2  
Old 08-29-2008, 01:01 AM
phoenix phoenix is offline
Moderator
 
Join Date: May 2008
Posts: 1,431
Credits: 7,912
Default

Were your mother's credit lines joint or single? If it was a single account then after your mother's death her estate will be solely responsible for repaying the debt. Now, if the estate is guided by probate then the executor will take an assessment of your mother's assets and the outstanding debts and then disburse the remaining asset, after debt repayment, to her heirs (strictly in accordance to her will).
Reply With Quote Quick reply to this message
  #3  
Old 08-29-2008, 10:51 AM
Anonymous
Guest
 
Posts: n/a
Credits: 0 [Check]
Default Mother's Estate

In most states, if the debt was exclusively your mothers and her estate was probated then any creditors are required to submit their claims to the probate court or atty. handling the probate, within a statutory time period. Usually 90 days from publishing the Notice of Probate. No one else is liable for her debt.
Reply With Quote Quick reply to this message
  #4  
Old 09-01-2008, 01:52 AM
Anonymous
Guest
 
Posts: n/a
Credits: 0 [Check]
Default

My mother had a couple of credit cards in her name alone.
My parents estate is in the form of a family trust. My father is still living. The trust provides for his care until his death, at which time the surviving family will then be beneficiary of the trust. My sister and I have power of attorney.
Reply With Quote Quick reply to this message
Reply

Quick Reply
Name:
Message:
Remove Text Formatting
Bold
Italic
Underline

Insert Image
Wrap [QUOTE] tags around selected text
 
Decrease Size
Increase Size
Options

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -8. The time now is 08:53 AM.




About Us | Contact Us | Affiliate | Sitemap | Espanol | RSS Feeds| Terms of Services Navigation