More details to this question:
I have two credit cards I got with two different banks. Citicards bought both banks without my consent. They refuse to work with me, transfer my debt to a bank of my choosing, or even provide even the bare minimum level of customer service required by conscience. On the contrary, they appear to go out of their way to be my adversary, and as a result, my financial plan involves giving them the least amount of money I'm legally able. I know they can legally do all this, but it's unconscionable and evil. So, what I'd like to do is explicitly state in my will that, if I die with my debt, then they get nothing, and that any attempts they make to collect should be fought in court until they concede or until all my money and assets are gone, whichever comes first. What I'd like to know is, can I do this? If I do, what happens? Does it effectively screw them back? If not, what other recourse do I have? Can I sell my debt to another bank without Citi's consent the same way they did to me?
1 ANSWER
No, it effectivfely screws your heirs. You can theoretically leave all your assets to a trust for purposes of fighting Citi's collection efforts until the matter is resolved, but such a clause might be void as violating the rule against perpetuities (the money would be in limbo because nobody can predict when the case would be over.) If you do that, your money will be spent on lawyers. None of your loved ones will get any money until the dispute with Citi is over, but Citi, eventually, will because, as you yourself admit, you owe them the money. Under these circumstances, who would want to be the executor of your will? Someone will have to be appointed by the Court, and your money will be used to pay fees to that person as well.
Answered on Jul 17th, 2015 at 11:11 AM