Legal Question in Wills and Trusts in Michigan

Father's credit card debt

My father passed away with 20K in credit card debt. The only asset he has is a time share worth 6K. No home, car, etc... There was a 50K life insurance policy to split between my brother and I. Will that be needed to pay the credit cards or are we not responsible for them?


Asked on 7/25/02, 11:04 pm

2 Answers from Attorneys
Patricia Prince Patricia Gormely Prince, P.C.

Re: Father's credit card debt

Assuming that you and your brother are the named beneficiaries on the insurance policy, you are not responsible for the credit card debt. The money owed to the Credit Card Company is a debt of your father's Estate. However, the insurance proceeds pass to you and your brother outside of your father's estate.

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Answered on 7/29/02, 5:23 pm
Gregory J. Roth Gregory J. Roth, PLLC

Re: Father's credit card debt

If you are not accountholders on the credit cards you are not responsible for the debts. Creditors would then only have a claim to his estate assets. If you have any further questions, please consult my attorney profile or www.lawgreg.com.

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Answered on 7/26/02, 9:37 am


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