Legal Question in Credit and Debt Law in Illinois
resposibilites of heirs relating to credit card payments of deceased parent
What are the financal obligations of children to pay off credit card debts of deceased parents upon their death in Illinois? If deceased has three children is each responible for a third of the debt and if it is beyond their means to do so, can the children be held responsible for the credit card debt of parents? Is it executor responibility to pay?
2 Answers from Attorneys
Re: resposibilites of heirs relating to credit card payments of deceased parent
No, the children are not responsible. Any debts come out of the parents' estate, if any. This is done before any of the estate is issued to the children, if they are heirs. You are not personally obligated to pay anything.
Re: resposibilites of heirs relating to credit card payments of deceased parent
If there is an estate and there are funds in it they must be used to pay debts... there is a priority in the statute as to what debts have priority over others. But the children of the deceased parent do NOT have to use their own funds to pay the debts of a deceased parent. Depending on the assets of the deceased it may or may not be appropriate to open an estate just to extinguish the debts of the deceased.
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