If someone has money owning a credit card when they die?
who is responsible for clearing this debt? Supposing this person does not have an estate when they die or any savings
This is the law in England.
When someone dies, their executor or legal personal representative, draws up an account of their assets and liabilities. Their assets are basically everything they own. It is the executors job to make sure that the debts are paid – if necessary by selling the deceased person’s possessions. Once everything has been identified and sold, if there isn’t enough money to pay off the creditors, what there is gets shared out. Priority creditors get paid first – that’s basically the tax man. Then come funeral expenses. Next come commercial creditors including credit cards. Anything left over goes according to the will or to the next of kin.
So if someone dies leaving only the clothes he’s laid out in, his creditors get zilch.
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