Credit card after death

Jazzguy1

Hi
My father passed away recently and myself and my sister were executors  and beneficiaries of his estate in the will.  There was no probate and he had some shares .most of the shares he gave to us just before he died. The remaining shares were cashed in after her died and my sister and myself have the proceeds.
He had one credit card , and now the credit card company is pursing  me for the debt.
Am i responsible?

Ayr_Rage

The estate is responsible for the debt so as an executor you should have paid it before distributing any other funds.

Keep_pedalling

As executors yes you are, the estate was not insolvent so unsecured debts take priority over payments to benefliciaries. 

Debts are not automatically wiped out on death they pass to the estate. 

MyRealNameToo

Jazzguy1 said:

Hi
My father passed away recently and myself and my sister were executors  and beneficiaries of his estate in the will.  There was no probate and he had some shares .most of the shares he gave to us just before he died. The remaining shares were cashed in after her died and my sister and myself have the proceeds.
He had one credit card , and now the credit card company is pursing  me for the debt.
Am i responsible?

As Executor yes, you must ensure debts are settled before assets are distributed to beneficiaries. 

FrugaiMacDugal

Agree with the above.

You say, 'he had some shares .most of the shares he gave to us just before he died', was this done legally as a transfer or simply handing over a share certificate?

Keep_pedalling

In a previous thread last year you said your father was a widow and your parents owned their own home, so how have you wound up his estate without probate?

Edit. I think the CC debt is probably the least of your issues and you may be getting a bit out of your depth with handling the property part of the estate, which rather than passing directly to you and your sister appeard going into an immediate post death interest trust which needs to be registered with HMRC. I suggest if this is the case that you should post over on the deaths, funerals and probate board for advice on what you need to be doing.

https://forums.moneysavingexpert.com/categories/deaths-funerals-probate

Jazzguy1

Thanks
We didnt think we needed probate as the property was left to myself and my sister in trust while i am still living here. ( i have lived here for 55 years)
The shares were cashed in while my father was alive and he gave  the proceeds  to myself and my sister.
I am still living in the house

Keep_pedalling

Jazzguy1 said:

Thanks
We didnt think we needed probate as the property was left to myself and my sister in trust while i am still living here. ( i have lived here for 55 years)
The shares were cashed in while my father was alive and he gave  the proceeds  to myself and my sister.
I am still living in the house

I have just responded to your new thread on the death’s, funerals and probate board so won’t add anything more here.

MeteredOut

Jazzguy1 said:

Thanks
We didnt think we needed probate as the property was left to myself and my sister in trust while i am still living here. ( i have lived here for 55 years)
The shares were cashed in while my father was alive and he gave  the proceeds  to myself and my sister.
I am still living in the house

But in the OP, you also said:

"The remaining shares were cashed in after her died and my sister and myself have the proceeds."

Those funds should be used to clear the CC debt owed by the estate before any remaining is distributed to beneficiaries.

In the first post, you also said he gave you some shares, not that he sold them and gave you the proceeds. These are different things.

How large is the CC debt, and can it be covered by the share sales? 

Brie

I thought the OP said previously he had a brother not a sister.  Or maybe brother didn't get anything in the will??