Responsibility for debts after death

[moggie 939]

If a spouse dies with outstanding debts on loans/c.cards and they are in one name only and not joint - can the banks ask for the remaining spouse to honour these if: a. The money is available in the estate

either/or

b. There is no money to pay the debts Thank you Moggie

[bednobs]

a) yes

[Fay Mousse]

a) Yes. Debts must be paid from the estate. This is one of the duties of the executor of the will.

b) If there is no money to pay the debts but the deceased owned the house jointly, a charge can be put on the property to be paid when the house is sold. If there were other assets solely owned by the deceased, such as a car these should be sold to pay the debt off.

If the deceased had no cash, no property, no assets - the debts will be written off.

[funnygirl]

I thought your debts died with you??!!

[ojread2]

Urban myth for the most part funnygirl

Perhaps fay mouse (love the name BTW) can expand further as I can't

[ethandron]

but going back to point (b), is the surviving spouse at all responsible for debts incurred in the dead spouses name?

[dzug]

If the surviving spouse is executor of the estate then s/he is responsible for sorting out the debts - not by paying them personally, but by paying them out of the estate.

And banks are always entitled to ask - they just may not always be entitled to get.

[moggie 939]

Thanks everyone - understand now
Moggie