QUESTION
Who is responsible for debt if a sibling dies?
Asked on Dec 29th, 2013 on Debtor and Creditor - Nevada
More details to this question:
My only brother unexpectedly passed away. I am his only sibling; he was not married, had no children, he didn't leave money, does not own land or a home, he had no life insurance policy or a will. Who is responsible for his debt, mostly credit cards? How do I close his bank account out that his social security and small pension checks are being deposited into? I do not have the means to pay off his debts. I am lost; please point me in the right direction. What steps do I need to take?
1 ANSWER
R. Christopher Reade
Your brother is responsible for his own debts, which means now that his "Estate" would be arguably liable for his debts. You are not personally liable for his debts merely because you are the closest living relative. You have indicated that he had very few assets. Nevada has a process where an Estate is valued at less than $100,000 that assets can be set aside without administration by court order. This requires that you file a petition for a Court Hearing but would not need to be appoinbted personal representative. One downside of this proceeding is that you indicate that there is a bank account, which might require a personal representative be appointed for completion of financial transactions therewith.
Answered on Dec 29th, 2013 at 4:25 PM