Legal Question in Credit and Debt Law in North Carolina
Death of card holder
When a person dies and the credit card is in the name of the deceased, there is money outstanding who is responsable for the debt. If the credit card does not have death benefit attached. What legal steps are possible by the credit carfd company to recover the outstanding money
2 Answers from Attorneys
Re: Death of card holder
If there are no co-obligors, the estate of the deceased is liable. The deceased's assets become assets of his decedent's estate, and (except for certain minimal allowances) are used to satisfy creditors before being distributed to heirs/legatees.
Re: Death of card holder
Where there is no insurance payable to the credit card company,
the debt becomes part of the decedent's estate. Assets that are not
payable by contract (for example, life insurance benefits) are also part of
the estate. The estate debts are paid using estate assets and these payments
are made in accordance with law and priority of the claims against the estate.
There are other, more simplified, ways to address this but no general comment can be made without knowing all the
facts and reviewing the language of the will.
I advise that you obtain the service of an attorney.
G. Joseph Holthaus III
(410) 799-9002
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