Deceased parent without Will
My Mother passed away recently without a Will or Power of Attorney. She had few assets but a lot of credit card debt ($30,000). Her condo and car are in her name only that are worth ($35,000). My brother and I are on her checking and saving accounts and we are named as beneficiaries for a small pension ($9000) and a possible life insurance policy of $10,000. Both of these are subject to review and we may not receive. First, are her children responsible for her credit card debt? Secondly, how can we avoid probate for the condo & car?
1 Answer from Attorneys
Re: Deceased parent without Will
Unless you signed something saying you agreed to be
responsible for the credit card debt, you are absolutely
not liable. In light of the debt situation of the estate,
you cannot legally or morally avoid probate for the condo
and car. The estate will have to be opened and any assets
belonging to the estate (condo, car, none or all or a portion
of the checking and savings dependent upon how the
signature cards are filled out and possibly the life
insurance if not completed properly as to beneficiary) will have
to be disclosed. The pension is probably safe, so long as you were a named
beneficiary at the time of her death.
If you need help, feel free to contact me.