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LondonTraveller wrote:
What happens to outstanding balances on death? Perhaps paid out of deceased's estate? What if there is no estate? Related question: Do credit card issuers REDUCE limits to older folks as they get even older...as it is unsecured debt and they have no idea if the crad holder has any estate to speak of?
How about life insurance? My wife passed away last month and all of her loans and cc's were unsecured. No co-sign. (Yikes, she had a few of them, totalled over $22K.) The only property she had was a parcel of land with a run-down home valued around $7,700 in a very rural county. To top that off, it was co-owned by her sister, meaning her only worth is around $3,800. I would probably suggest her family offer to pay off the $3,800 to prevent it from being auctioned in a settlement.
She took out a life insurance policy with me at the beneficiary. I have been told it will be $19K but I don't know for sure, I'll call. Of course, no will. So do the creditors have a claim on my life insurance check?
As you can imagine, it will be a hassle for me but I think I owe nothing but getting death certificates to her creditors. No?
@Anonymous wrote:How about life insurance? My wife passed away last month and all of her loans and cc's were unsecured. No co-sign. (Yikes, she had a few of them, totalled over $22K.) The only property she had was a parcel of land with a run-down home valued around $7,700 in a very rural county. To top that off, it was co-owned by her sister, meaning her only worth is around $3,800. I would probably suggest her family offer to pay off the $3,800 to prevent it from being auctioned in a settlement.
She took out a life insurance policy with me at the beneficiary. I have been told it will be $19K but I don't know for sure, I'll call. Of course, no will. So do the creditors have a claim on my life insurance check?
As you can imagine, it will be a hassle for me but I think I owe nothing but getting death certificates to her creditors. No?
Message Edited by SignGuyDino on 10-02-2008 04:20 AMMessage Edited by SignGuyDino on 10-02-2008 04:24 AM
I would say Wonderin is correct except in a community property state-
@Anonymous wrote:I would say Wonderin is correct except in a community property state-