Legal Question in Wills and Trusts in Oregon
What happens when an elderly parent dies with credit card debt? Are the surviving children obligated to pay the balances?
1 Answer from Attorneys
Legally no but morrally yes. As a matter of law, the decedent's estate is liable for the debts of the decedent that remained at death or arose therefrom. The decedent's creditiors get paid first, before anything is is distributed to heirs and divisees. The the estate does not have sufficient money and property to pay off the debts, the creditors ar left holding the bag (and, of course, there would be nothing left to distribute to heirs and divisees, regardless of what a will might otherwise say).
LAWRENCE D. GORIN
http://ldgorin.justia.net/index.com
Law Office of L.D. Gorin
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Portland, Oregon 97201
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