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    Marnie Lloyd's Avatar
    Marnie Lloyd Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 29, 2009, 02:48 PM
    Deceased credit card debt
    Hi..
    I hope somebody can help me.. I am the executor of my fathers estate (passed away last month).. he had 2 credit cards with 8,000 total debt.. there is no money in his estate.. no house.. he lived in my home for the past year... he had a locked in life income fund and named me the beneficiary of this fund.. total amount 40,000 dollars... I have collapsed this fund to pay his funeral expenses... and there will be 20,000 left for me to invest for his grandchildren. Do I have to pay his credit cards off.. (he was sole owner of these cards) before I can do anything with this money? I was told that because it is a life income fund... and that he named a beneficiary.. I can pay off his funeral and invest the rest for his grandchildren.. is this correct?

    Many thanks
    mr.yet's Avatar
    mr.yet Posts: 1,725, Reputation: 176
    Ultra Member
    		  
    #2

    May 29, 2009, 03:11 PM
    They will have to file a claim against the estate, contact a attorney about the probate.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    May 29, 2009, 03:28 PM

    I'm not sure how a life income fund works. Generally a life insurance policy passes to the beneficiary outside the estate. So it would not be subject to the debts of the estate. I would check with the agent that sold the policy to see if the fund works the same way.

    If its not part of the estate, then just write the creditors stating that your father died (include a copy of the death certificate) without any assets.
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