Question: You’ve answered an email from me before since I’ve been reading Zero Debt and I hope you can answer another question now. Today, my question is for a friend. Her father has had lung cancer for a number of years. He’s not doing very well now.
What she needs to know is what will happen to her father’s credit card debt after he passes away. The credit cards are all just in his name. Also, her mother is still living. She has spent a lot of time with her father, taking care of him, and I know she would love to be able to handle all of his financial obligations but she just doesn’t have the means.
The bottom line is that: no family members or relatives are responsible for someone’s credit card debt after that person dies, as long as those surviving family members are not joint owners or co-signers of the debt.
Even his wife would not be legally obligated to pay off his credit cards if she is not listed as a co-owner on the account.
Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.
Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.
All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.