Who Inherits My Debt After Death?
James Bendell of the Bendell Law Firm is an estate litigation attorney Coeur d'Alene, ID locals often recommend. When considering your estate planning options, you likely have important questions. Consider talking to a Coeur d'Alene, ID estate litigation attorney who has the experience to offer quality legal advice.
The death of a loved one is always difficult. Not only is the loss emotionally painful, but financial decisions regarding their estate often adds to the stress. If an estate plan is non-existent, the distribution of their assets will be decided by a probate court; which can be arduous and costly. You can save your family the additional stress of dealing with your debt after your passing by planning your estate in advance.
The Bendell Law Firm
James Bendell of the Bendell Law Firm can help you plan your estate and make provisions for any debt that remains after your passing. He has more than 16 years of experience helping individuals prepare estate plans. James Bendell is an estate litigation attorney Coeur d'Alene, ID community members appreciate. Call him at (208) 215-2255 to schedule a free consultation.
Debt After Death
Various laws and procedures are in place to account for the debt of the deceased. The process varies depending on where the residence of the deceased was located and the type of debt incurred. A skilled estate litigation attorney Coeur d'Alene, ID families trust such as James Bendell of the Bendell Law Firm can explain how applicable laws may affect your estate’s debt obligations.
In general, the deceased’s credit card debt will not be the responsibility of family. If a family member cosigned a credit card, that family member will most likely be held accountable for any debt balance on that card. However, if the card was owned solely by the deceased, the debt will be the responsibility of the estate. In many cases, following an individual’s passing, debt collectors are given a limited window of time to file any claims toward the estate; usually, within two to six months. Once the window of time passes, credit card companies will not be able to make claims on the estate. Talk to an estate litigation attorney Coeur d'Alene, ID individuals rely on to learn more.
Medical debt will vary significantly depending on the state where the deceased resided. In some states, the estate is solely responsible for this type of debt. James Bendell of the Bendell Law Firm is an estate litigation attorney in Coeur d'Alene, ID who understands how Idaho’s laws apply to medical debt and can advise you accordingly.
What Assets Are Protected from Debt Collectors?
In certain cases, specific assets may be protected from debt collectors. For example, if the deceased listed their child as a beneficiary for their IRA or 401K, debt collectors cannot consider those retirement plans as part of the estate and therefore cannot collect from them.
There are many laws concerning debt of a deceased individual. Types of debt, the amount of debt, the location of the deceased will all play a role in determining how your debt will be addressed after death. James Bendell of the Bendell Law Firm may be able to help you understand your estate’s financial obligations. Call James at (208) 215-2255 to schedule a consultation with an estate litigation attorney Coeur d'Alene, ID residents turn to when in need.