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Are heirs responsible for paying credit card debt?

Creating an estate plan in Texas goes a long way in ensuring that your wishes are followed upon your passing. While you may have assets to leave behind to your heirs, here is a question you should address. What will happen to your credit card debt once you are gone?

When a loved one dies, it can be extremely difficult for those who are left behind. Not only do they need time to grieve, but there are plenty of details that require their attention.

When you apply for a credit card, you agree to pay the lender any money that you borrow. It doesn't matter if you are alive or have passed on, you are the only person responsible for this debt. For this reason, it does not extend to your heirs once you are gone.

There is one exception to this rule: if there was a joint account holder. For example, some people put their spouse's name on their credit card account. In this case, both parties are responsible for any debt. So, if you pass on and leave debt behind, the other party will be responsible for paying it as outlined by the terms and conditions.

When creating an estate plan, you should think about more than your assets and the money you are leaving behind. You should also focus on your debts, ensuring that you don't put your heirs in a more difficult position.

When you understand how your assets and debts are transferred upon your death, both you and your heirs will feel better about the future.

Source:, "Debt After Death: 10 Things You Need to Know," accessed April. 15, 2015

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