Parsippany, NJ asked in Estate Planning for New Jersey

Q: MIL died jan 8th with over 100k credit card debt none of the creditors have made a claim against the estate do we pay?

we have many credit card companies and debt collectors sending letters of condolance and saying she owed money but it is past the 9 months and we do not have enough funds to pay them all, can we distribute what is left legally to the heirs?

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2 Lawyer Answers
H. Scott Aalsberg Esq.
H. Scott Aalsberg Esq.
Answered
  • East Brunswick, NJ
  • Licensed in New Jersey

A: You need to speak to a lawyer. IN general, the executor of the will or administrator of a New Jersey estate should pay all debts before they distribute any assets otherwise they could face rather severe penalties.

Morris Leo Greb agrees with this answer

Morris Leo Greb
PREMIUM
Morris Leo Greb
Answered
  • Estate Planning Lawyer
  • Rockaway, NJ
  • Licensed in New Jersey

A: Debts of the decedent must be paid y the Estate before distribution the the beneficiaries. If any or all of the beneficiaries signed the credit appiication, that person will be personally liable for the debt.

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