What happens if your deceased parent had a will but there are no assets?

Question

if she had outstanding credit card debt what a happens?

Answer 1

Well, what is in the estate will be used to pay off the credit card.  If there is not enough in the estate then it is usually finished.  The debt does not transfer on to the heirs.

Some notes though.  If the family did some last minute moving of assets from the parent to the children and the credit card company found out about it then the credit card company could sue saying that those assets should not have been moved.  Doing so was clearly done to avoid paying an outstanding debt.  I have seen this one happen to a family trying to get out of paying for hospital bills.

Another note.  If there are other people on the credit card with the parent then they would be liable for the debt.  Lets say that you cosigned for your parent and then the parent dies.  You are responsible for that debt.  The same goes if you and the parent are both on the contract for the credit card.  I have seen this with a person who died and owed money on a car.  One of her sons had cosigned for the car.  He owed the money on the car that his mother had not paid.

After all of the debts have been taken care of and if there are assets left over then the will can be taken care of.

Answer 2

As long as there was no one else on the card, the creditor is out of luck; you are not liable unless you were on the card, except to the extent of estate assets.

Answer 3

Any named heir does not have to accept a will  - especially if there are moneys owed.  So whoever lent money  - credit card company or whatever, is out of luck

Answer 4

if there are no assets then the credit card companies can not pursue. Credit card companies take out massive insurance to cover them for these circumstances so dont worry. Your debts die with you

Answer 5

Her debts will be washed off unless she had any type of ins policy, then her benificiary will be responsible to pay them with the policy.