Full question:
My wife died leaving large credit card dept. The card is in her name only. Her name is on the deed to our home and autombiles. Am I liable for this debt?
- Category: Debts and Credit
- Date:
- State: Indiana
Answer:
The executor named in your wife's will will manage her estate during probate, which includes paying debts and distributing assets. Typically, heirs are not responsible for a deceased person's debts unless they co-signed or are otherwise legally connected to the debt. Debts are paid from the deceased's estate before any assets are distributed to beneficiaries.
If there are not enough assets to cover all debts, unsecured debts, like credit card debt, may go unpaid. In cases where property is jointly owned, the rules differ: property held as tenants by the entirety (common for married couples) generally cannot be sold to pay the debt of just one spouse. However, if the property is held as joint tenants, it may be sold to satisfy the debt up to the debtor's equity in the property.
Remember that if the estate lacks sufficient funds or assets, unsecured creditors may not receive payment. The executor must act within their authority and in good faith. If they act improperly, they may be held personally liable.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.