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Paying My Deceased Wifes Debt
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Her building society wants me to settle her credit card debt, 'if this is not possible so they say they want me to phone them so that they can explain the information that they need from me as to ascertain whether an estate exists'.
They are fully aware of all the facts, death cerificate sent and duly returned back to me. She was insured only on death so there is no moneys there.
So what does anyone think what this building society wants from me, by the way the credit card was only in her name.
Or should I just ignore the letter.
They are fully aware of all the facts, death cerificate sent and duly returned back to me. She was insured only on death so there is no moneys there.
So what does anyone think what this building society wants from me, by the way the credit card was only in her name.
Or should I just ignore the letter.
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Your wife's debt passes to her estate and (in the absence of a will to the contrary) that estate passes to you. However an estate can't be 'negative', so you can't acquire a debt directly from your wife's estate.
The building society might (for example) well be interested in things like whether your home was owned by you both as 'joint tenants' or 'tenants in common'. (Ignore if you rent!).
If you were joint tenants then you automatically take over full ownership of the property. However if you were tenants in common then your wife's share of the house formed part of her estate (which she could, if she'd so chosen, have left to someone else). So if (say) your home is valued at £150,000, part of your wife's estate is valued at £75,000 and the lender has the right to demand settlement of the debt out of that money.
It is such matters that the building society will wish to enquire into.
The building society might (for example) well be interested in things like whether your home was owned by you both as 'joint tenants' or 'tenants in common'. (Ignore if you rent!).
If you were joint tenants then you automatically take over full ownership of the property. However if you were tenants in common then your wife's share of the house formed part of her estate (which she could, if she'd so chosen, have left to someone else). So if (say) your home is valued at £150,000, part of your wife's estate is valued at £75,000 and the lender has the right to demand settlement of the debt out of that money.
It is such matters that the building society will wish to enquire into.
I am extremely sorry to hear of your wife's death and also that the banks have not lost time in trying to touch you for money....
if you look on the law thread,
someone else has covered this
your wifes assets and liabilities are clumped together and if the sum total is = no money only debts then you are not responsible.
The drawback is jointly held accounts, card and property
they have to be counted
actually it strikes me that the building society is trying to pull a fast one but of course we dont know whether they are asking you to settle as the wife survivor or her executor
[There appears to be an urban myth that on death debts ( liabilities ) are written off and the assets then pass unencumbered to the heirs - actually the debts have to be paid off first.]
if you look on the law thread,
someone else has covered this
your wifes assets and liabilities are clumped together and if the sum total is = no money only debts then you are not responsible.
The drawback is jointly held accounts, card and property
they have to be counted
actually it strikes me that the building society is trying to pull a fast one but of course we dont know whether they are asking you to settle as the wife survivor or her executor
[There appears to be an urban myth that on death debts ( liabilities ) are written off and the assets then pass unencumbered to the heirs - actually the debts have to be paid off first.]
The sentence that is confusing is ' She was insured only on death so there is no moneys there. '
If she had an insurance policy for payment on death that will form part of her estate and the credit card debt will need to be paid from this sum. If the policy was put in trust for you then it is paid straight to you and will not be part of the estate.
If she had an insurance policy for payment on death that will form part of her estate and the credit card debt will need to be paid from this sum. If the policy was put in trust for you then it is paid straight to you and will not be part of the estate.
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