Does co owned property be come part of the estate of deceased spose?
Answers:
The credit card debit can only be collect by her, and her estate.
If there is no estate the debt will be voided.
Please be advised this does not necessarily mean an unethical collector/creditor would attempt to convince family members they are obligated for repayment.
Now if her estate is a joint estate, it gets a little tricky because it varies from state to sate.
The surviving spouse is only responsible for credit card debt if the account were joint, or the married couple lived in a community property state; (Texas and Wisconsin treat marital debt differently than other CP states).
Check with a probate lawyer in your state to get your states laws to be 100% sure.
It depends on the type of vesting of the property as recorded on the deed.
The types of vesting available vary from state to state.
Check your deed. It will say, "Vested as..." and will have a sentence of jargon including the names of owners and the vesting type. Once you know that, you can contact any Realtor or Real Estate attorney and ask them what the vesting type means in your situation.
In addition to ownership, there can be tax implications as well. Be sure you understand the vesting before making any financial decisions about the property.
I think it really depends on if the estate was set up with Real estate included. I have a trust and I would have to add each property that is purchased to that trust. Then who ever is the trustee would get those properties. Since you are a co-owner she must put in that you will receive her part upon death. You will have to pay off the credit cards I believe with money from that trust along with any legal fees etc. I know that is not what you wanted to hear but that is what I believe to be true.
As far as I know...the story in most states, is all of the joint debt turns into sole debt for the surviving spouse, in the same manner as jointly owned property becomes the property of the survivor. Death does NOT absolve the debt OR the taxes owed by the estate of the deceased. What can change this distribution of assets and debts is probate of the will of the deceased. Without a will, in most states the surviving spouse automatically inherits, assets as well as liabilities.
You can co-own in various ways. You would need to check your deed to be sure. If you are joint tenants with right of survivorship, then the property passes immediately to the surviving co-owner, and does not form part of the estate of the deceased.
However, if you are registered as joint tenants in common, the half of the house the deceased leaves becomes part of their estate. Any outstanding bills (like credit cards) must be paid from the estate first. Whatever remains is passed to the heir.
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