What happens if a person dies and has a lot of credit card debt?

Answer

I pasted this answer in from a "Inherited Debts?" advice page. I assume it's a valid answer.

So what happens to the debts of someone who dies? The credit card company will first try to collect from the estate. As mentioned earlier, 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.

Answer

Each individual partner or individual single person should always have a PURE TRUST FUND. This is a bit different than a living trust. A Pure trust can not be liquidated by the creditor. Neither can the IRS liquidate it. Pure trusts can be established overseas as well. There are still some countries that can not be or allow themselves to have their pure trusts peered by the Federal government.

Your extra cash (big amounts) should never ever be put in an account in your name. It should be put in a pure trust that never dies, and is completely unliable for your "actions" like death.

Do a search on google for PURE TRUSTS or PURE TRUST FUNDS.

First answer by John Doe. Last edit by ID2450697543. Question popularity: 365 [recommend question]

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