Legal Question in Credit and Debt Law in Massachusetts
In Massachusetts, the law says my credit card debt will be paid by my assets at the time of my death, I believe this is correct.
What are considered assets? I'm single and I have one adult son.
Thank you.
1 Answer from Attorneys
This is more of an estate planning question. An asset is what goes into your probate estate when you die. It does not include assets with stated beneficiaries other than your probate estate, which might include life insurance and retirement funds depending upon how you set them up. It does not include jointly held assets which pass outside a probate estate to the survivor, but I caution you not to rush into giving anything away to your son without legal counsel and serious thought about your son's own finances and future.
You should consider bankruptcy if your credit card debt has you this worried.
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