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David Kennett
David Kennett, Attorney
Category: Estate Law
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Experience:  25 years practicing attorney
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If someone dies and has a credit card debt of over $48,000.00,

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If someone dies and has a credit card debt of over $48,000.00, had $45,000.00 in bank (children as beneficiarys) and a house, has no will... Does the estate have to pay the entire amount owed on credit cards.. Is it legal for children to take the $45,000.00 out of the bank and split it before any bills are paid.....Wondering if the bank account would be part of the estate......How long will the credit card companies wait???? Can the children not pay the credit card debits and keep money when house sells????
Submitted: 4 years ago.
Category: Estate Law
Expert:  David Kennett replied 4 years ago.

DearCustomer- All debts must be paid before the assets can be distributed so the children cannot simply take the money out of the accounts. If the credit card company never files a proof of claim within the statutory period the debt might be able to be avoided however if the claim is made then the money will have to be used to pay the debt. When the house sells, if there are no other debts then the balance of the money may be divided.

 

Dave Kennett

Customer: replied 4 years ago.
If they have not notified the credit card companies, then do they have to pay??? Also what is the usual time frame for probate??? If they ignore the phone calls, etc. from credit card companies, won't they get in trouble???? Is it possible to deal with the card companies to get lower amounts due??? Also can they get in trouble if they ignore and wait..... Reason I'm asking is it's my husbands grwon adult children that are trying to elude the credit card companies... They are trying to wait it out... They took the money from the bank as soon as she died ... They were named beneficiarys... Thanks
Expert:  David Kennett replied 4 years ago.

I'm not sure who died and what interest you have in this estate. The children do not have any liability to the credit card companies since only the estate can be liable. If the estate was opened and properly filed with the court and stayed open, usually 4-6 months and no claim was made by the credit card companies then the credit card companies likely lost their right to file a claim.

 

The filing of the estate was notice to the public that the person died and started the time for anyone to file a claim. The children would have to put the money back if the claim was filed within the allotted time so that could be a problem if the money had been spent.

 

I'm not certain how they could have removed money from an account of a deceased person unless the accounts were POD and went to them outside the estate, in which case the credit card companies could not claim the funds.

 

Dave

David Kennett, Attorney
Category: Estate Law
Satisfied Customers: 27686
Experience: 25 years practicing attorney
David Kennett and 2 other Estate Law Specialists are ready to help you
Customer: replied 4 years ago.
My husband's X wife died..... We were just wondering if what they are doing is legal...They were named beneficiarys onthe bank account money so I guess that does not go in the estate..........The women has been dead 2 years come february...My husband was afraid they were doing the wrong thing... They had 4 attorneys and they all bailed out.......Thanks What does POD mean???????
Expert:  David Kennett replied 4 years ago.

Payable on death. If your husband is not entitled to anything from the estate I would forget about all of this since the time is well past for any claims to be made.

 

Dave

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