Question About an Estate

[+ imagooddog]

If a person dies and has large credit card balances that far exceed the

money and assets that are left behind, can the executor of the estate

declare it bankrupt and have no further claims against either himself

(the executor) or the estate?

[orbital sander]

You would have to check the laws in the state the estate is in. In most, I would guess no there cannot be a bankruptcy, however, I am not a lawyer who specializes in estates. Probate (court) would most likely dole out what is left to creditors who make a claim. If there is any cash around that is not in the bank, or otherwise traceable, I would put it in my pocket quickly and keep my mouth shut....but that is just me

[Cooper]

Credit Card Balance after death

 

Goodie, Hope this helps. Coop

 

http://www.creditcards.com/credit-card-news/credit-card-debt-death-1282.php

[MsGuy]

Goodie, the link Cooper posted above is about as complete and accurate a summary of the law as you're likely to find. Our Super Moderator reveals hidden talents. [loud applause]

 

If you wind up having to put in a significant amount of time in the discharge of your duties as executor, consider asking the estate's attorney to submit a bill for your services when he submits his own. Both fees are paid ahead of creditors bills (as always, circumstances differ, your results may vary, yada yada.)

[+ imagooddog]

Thank all of you for the responses. They and the web link answered my

questions exactly !!

See folks, this site can be a GREAT source of information.

Thanks again.

Goodie

[+ purplekow]

You would have to check the laws in the state the estate is in. In most, I would guess no there cannot be a bankruptcy, however, I am not a lawyer who specializes in estates. Probate (court) would most likely dole out what is left to creditors who make a claim. If there is any cash around that is not in the bank, or otherwise traceable, I would put it in my pocket quickly and keep my mouth shut....but that is just me

 

 

Yeah, God forbid that the people who actually earned the money or to whom it was owed should ever see it as long as your own pocket is lined. As Executor, you do get paid a reasonable stipend, and to some poorly chosen Executors, that payment also includes all you can steal without getting caught.

[MsGuy]

Yeah, God forbid that the people who actually earned the money or to whom it was owed should ever see it as long as your own pocket is lined. As Executor, you do get paid a reasonable stipend, and to some poorly chosen Executors, that payment also includes all you can steal without getting caught.

I've heard 'probate' defined as the legal process wherein the executor and and the attorney for the estate meet and equitably divy up all the assets. Even Dickens had a thing or two to say about probate.

 

But something about Goodie's first post led me to think he might have agreed to serve to help out a dying friend. Older gay guys sometimes don't have trustworthy family available. As a practical matter, he will be acting as a trustee working for the creditors. If he puts in a lot of work, I don't see the problem with a reasonable fee.