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453 | From Food Stamps to FI | Theresa
ChooseFI
Managing Debt After a Loved One's Passing
After a loved one's passing, when dealing with their estate, remember that you are not responsible for paying their medical bills. By providing a copy of the signed death certificate, the medical debt can be wiped away. Additionally, for any outstanding credit card debt, placing a notice in a legal newspaper about the passing and giving creditors a specific period to make a claim can relieve you of the responsibility of paying off those debts if they do not come forward within that timeframe. Remember, these processes may vary by state.
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Speaker 1
So then in 2017, my mom had passed away. She had metastatic breast cancer, which was a terrible thing. And I hope no one has to go through that. But I was her oldest. And so I was the executor of her estate. Okay. So like I mentioned, she didn't do well with money. She still had a mortgage on the home, even though she had been living there for over 30 years. So we had to sell the house. I have a little tip for everyone too. If someone passes and they have medical bills, you are not responsible for paying those medical bills. Really? Yes. All you have to do is call the doctor's office and give them a copy of the sign death certificate. And they wipe that debt away.
Speaker 2
Oh, that's really interesting. I was definitely not aware of that. I thought for some reason it netted out of the estate. Nope.
Speaker 1
And also she had a couple of credit cards that she had had balances on. So I was able to put a little notice in the legal newspaper that she had passed. And this is her estate and they had like four months, I think, to make a claim against the estate for that money. And then you have to mail a copy of that to the credit card companies. And if they don't come to you by that time period, you're off the hook for paying those debts as well.
Speaker 2
Oh, wow. And obviously this could be state by state. I know there are different rules and different states. So please let's not assume that this is good for all 50 states.
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