Legal Question in Wills and Trusts in Colorado
responsibility for husband's debt
My husband is terminally ill and isn't given much time to live. He currently has a credit card in his name only that he owes quite a bit of money on. I have been making the pymts. Once he passes on, am I responsible for that debt? This is a card that he used strictly for his business-he was in sales. He states that my name is not on the account and the bill comes strictly in his name. Thank you.
2 Answers from Attorneys
Re: responsibility for husband's debt
Depending on what you have been doing with the payments on the credit card in question, you may not be responsible for it. You should immediately consult with an attorney to ensure that your rights are protected.
Moreover, there are important actions involving your husband's estate that should be completed to protect the estate. There are notice requirements that you will have to fulfill that can work to protect the estate. You can learn about these steps from the attorney that you visit with.
Re: responsibility for husband's debt
Generally, you would not be personally responsible for the repayment of debts incurred soley by your spouse in his own name strictly for business use. However, there are exceptions that may apply. You should arrange to meet with an experienced attorney now to go over the complete facts of your situation and determine whether any of these exceptions may apply to you.
If your spouse has not yet made a will, it would be a good idea for him to make one now. You should also discuss with your attorney whether you will need to open a probate estate after your spouse passes away. A probate proceeding can provide protection to you from your spouse's creditors and provide for the orderly disposition of his assets.
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