I am elderly. I have substantial credit card debts. Upon my death, are my son and/or daughter responsible for the payment of same?
1 Answer from Attorneys
Re: Survivor Obligation
If the credit cards are in your name only, upon your death the debts would become obligations of your estate, not your survivors. Any assets would have to be liquidated and used to pay the estate debts before any remaining assets could be passed to your heirs.
A Will would make sure that your assets are treated as you desire. Do you have assets (savings or a house, for example) that you want to pass on to your heirs? Filing bankruptcy to eliminate the debts while you are alive may be an option.
This is general information for discussion purposes. We would have have to have an attorney-client relationship for me to give legal advice.