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What financial responsibility does my cousin have for my uncle's credit card debt?

What financial responsibility does my cousin have for my uncle's credit card debt?

Q: Can credit card debt be forgiven after death?

Yes, credit card debt can be forgiven after death if the deceased's estate lacks sufficient assets to cover the debt. Creditors typically cannot pursue family members for the debt unless they were co-signers or jointly responsible for the account.

Q: Who is responsible for a deceased person's credit card debt?

Generally, the deceased person's estate is responsible for their credit card debt. Family members, including spouses or children, are not liable unless they co-signed the debt or are otherwise legally responsible.

Q: How long is an executor liable for debts?

An executor is liable for the debts of the estate during the probate process, which can vary in length depending on the complexity of the estate. They must ensure all debts are paid before distributing assets to beneficiaries. Once the estate is settled, their liability typically ends.

Q: Is the executor of an estate responsible for credit card debt?

The executor is responsible for managing the estate's debts, including credit card debt. However, they are not personally liable for the debts unless they agreed to be responsible or mishandled estate funds. Their duty is to pay debts from the estate's assets.

Full question:

My uncle has passed away and left a substantial credit card dept. My cousin is the executor of the estate (no car, no property). My aunt is still living and has only a small pension and social security payment. My aunt is not named on the cards and neither is my cousin. What financial responsibility does my cousin have?

Category: Wills and Estates
Date: 04/07/2025
State: California

Answer:

Unless your cousin signed an agreement with the credit card issuer to be jointly liable with your uncle, they have no financial responsibility for the debt.

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.

FAQs

What happens if the executor does not pay credit card debt?

If the executor does not pay the deceased's credit card debt, the estate may be responsible for settling the debt using its assets. If there are no sufficient assets in the estate, the debt may go unpaid. The executor must follow state laws regarding debt payment and may need to inform creditors of the estate's situation.