You need a funeral home Mesa, but you are distracted by the debt you seemed to inherit overnight from your deceased family member or loved one. You aren’t sure how to proceed. The following will help you decide your next steps:
When someone dies, the estate pays credit card balances and other debts. If the deceased passed away with more debts than assets to pay them, creditors can come up short.
If you co-signed for a credit card, you’re liable for debt. However, if you’re only an authorized user, you are not liable for the debt. Using a credit card as an authorized user after the cardholder’s death could have criminal implications.
If your ex-spouse dies before debt is paid on the credit card and your name is on the card, you may likely be held responsible in the eyes of the credit card company.
Even if you’re not held personally responsible for the debt on credit card, you will be affected if you are a beneficiary of the estate. Debts will be paid from the estate first – before beneficiaries get any distributions. Consult an attorney before any debts are paid out of an estate, including credit card debt.
If a mortgage is left behind, there are multiple options. If the estate has enough funds, they can be used to pay off the mortgage, which allows heirs to take possession of the home. Or, the heir(s) can choose to take over the mortgage and the property, continuing to make payments. The heir(s) can also choose to refinance or sell the house to pay off the total.
Should student loans be part of the debt, they are federally insured and are forgiven. However, private loans are not and will need to be paid off the same way as personal loans.
As a funeral home Mesa, we often inform widows/widowers that Arizona is a community property state – along with Alaska, California, New Mexico, Nevada, Texas, Idaho, Wisconsin and Washington. This means you are responsible for your deceased spouse’s debts.
At Mountain View Funeral Home, a funeral home Mesa, we understand that losing a loved one is a difficult time. The burden of dealing with debt can make matters even worse. Especially if you also need to factor in the costs for funeral arrangements. But, we are here to help. Our staff can work with you to help make arrangements that fit into your budget. We will do whatever we can to be there for you.
If you have any questions, please call this funeral home Mesa at 480-832-2850 or toll free at: 1-866-684-1951.