When I die, do my heirs have to pay off my credit card balance? If they don't, does this affect their credit rating?

Similar questions: die heirs pay credit card balance affect rating.

It depends, .... Your heirs, not spouse, have no obligations to do anything, not even bury you if you are destitute. However, if your name is on the credit card, or if you co-signed a loan, YES. If by heir, you mean spouse and it is for something in the residence, probably.

But the companies can go to court to obtain a writ to seize certain property. Laws will vary by state.

Maybe, maybe not IF you leave an estate, your debts are paid from your estate. If you have no estate, no, it have nothing to do with their credit. This is how it worked for my Aunt.My Mom was her Executrix and she sold all assets that were not left to folks in her will and the money received was put into an account which already held whatever her bank accounts were at her death, etc. She then sold her home and placed that money in the account.

She then paid all debts with the money in the Estate account and money left over was divided per her will.My Grandmother died without a will, had no estate, only some clothes and a small amount in her checking account. Any Creditors she owed were sent a copy of the Death Certificate along with a letter stating that there was no estate and they would not be paid. Sources: my experience LglSec's Recommendations Plan Your Estate (Plan Your Estate National Edition) Amazon List Price: $44.99 Used from: $0.34 Average Customer Rating: 5.0 out of 5 (based on 12 reviews) Perfect Wills, Living Wills, Trusts & Estate Planning Platinum Amazon List Price: $19.99 Used from: $11.00 Average Customer Rating: 3.5 out of 5 (based on 2 reviews) .

Well Yes and No the general rule is "you can't inherit debt". So if your parents estate has a negative net worth, then you don't inherit that. Whew.

But in general, most people have SOME assets, so when the estate gets wrapped up, any creditors are paid from those assets, so in that regard, your inheritance is reduced by any outstanding debts.

Heirs do not pay off your debts. Your executor does that before the net is disbursed to heirs. Everyone has an "estate", whether big or small and should have a will.

The will states who the executor is and that person is the one who pays any outstanding debts out of the assets (sale of house, stock, etc. ). No one else is liable for your debts unless they have cosigned. Any monies going directly to beneficiarys from life insurance, CDs, etc. Is not part of the estate and is not used to pay off debts.

Debt and heirs Spouse or estate If the spouse is still alive, he or she is still on the hook; otherwise, the estate must pay off the creditors. Estate The credit card company will first try to collect from the estate (assets will be sold to pay the bills). Then, if the account was a joint account, any survivors will be left holding the bag.

If the debt belonged solely to the deceased, then the credit card company will end up eating the debt if there aren't enough assets to cover it. Credit counselor agrees I can confirm that the answer above is correct. I am a certified credit counselor and it is true that the credit card companies will try to collect from the estate first and if there is a co-signer, they will be responsible for the debt.

However, if there is no estate to collect from the credit cards can not pursue collections from the family. They may try to get the family to pay the debt, but can not legally force them to. Simply mail a copy of the death certificate to the credit card company (certified mail) and they should take care of the rest.

Inheritance laws vary Inheritance laws vary by state. If the state you live in (or the deceased lived in invokes "community family property" laws or "joint and several" provisions, heirs to an estate may be deemed responsible for the debts of a deceased person. In most cases this has nothing to do with being a relative and everything to do with being an heir.

The rationale is that anyone staking claim to the assets of an estate, should also be willing to accept its liabilities. Sources: wiki.answers.com/Q/Who_is_responsible_fo... .

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What about the Debt consolidation cos. That help with credit card debt over $10K. Does this affect your credit rating?

I have 2 amazon gift cards each $200. Is It possible to pay 2 gift cards and the rest of the balance with a credit card?

How can you look up the balance on your credit card limit.

Need to know how to pay my amazon credit card charges.

I need to pay my amazon credit card and I do not know how to do it,please help me.

I want to pay with my gift card balance but I ca nt without entering a credit card!

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