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If your father dies in a large amount of credit card debt will that go to his children?
Wiki User
∙ 18y ago
Whoever holds the account is the person responsible for debt incurred. Family member are not responsible to repay the debt unless they were a joint account holder, (the exception is married couples residing in community property states). All debts and assets belonging to the deceased are subject to the state probate procedure. The executor of the estate is responsible for informing creditors of the death of the account holder. Creditors have a specified time limit to file a claim against the estate. Assets which are not exempt under state law are liquidated and the funds are used to pay the deceased's debts in the order of their priority. In some states the estate needs to exceed an amount specified by state law before probate action is required.
Wiki User
∙ 18y ago
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