Legal Question in Credit and Debt Law in Maryland
Responsibility of debt after parent's death
My father has immense amounts of debt, and is not in good health. I do not believe he has any life insurance, and if he does, it is minimal. In the event of his death, what happens to any outstanding credit card debt, loans, or any other kind of debt? Who ends up being responsibile? Thank you for your help.
2 Answers from Attorneys
Re: Responsibility of debt after parent's death
The debts you describe are usually personal. Therefore claims will be made against the assets of his estate, if any, when he dies.
Any debt that another person has signed for whether as a co-signer, surety, or guarantor will result in collection against such person.
If your father has not already applied for benefits for his health care as may be available through the government, employer, or otherwise, now is the time to consider doing so. Medical costs may reduce the size of any estate that he may have.
Contact an attorney should you require assistance.
Re: Responsibility of debt after parent's death
His estate will pay the debt with any assets, and the rest will not be paid. No one will be liable unless they are already jointly obligated (co-signers, for example).
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