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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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My recently deceased husband left outstanding balances on two

Resolved Question:

My recently deceased husband left outstanding balances on two credit cards in his sole name. His only assets are a small amount in his current bank account, some shares and a moderately valuable stamp collection.
Can the banks claim the proceeds of the sale of his shares and/or the stamp collection?
Submitted: 3 years ago.
Category: Law
Expert:  Jo C. replied 3 years ago.
Hi.

Thank you for your question. My name is XXXXX XXXXX I will try to help with this.

Is there any reason you think they would do that?
Customer: replied 3 years ago.

I imagine they would want their money by any legal means. I believe that if these accounts were in our joint names, that I would be liable, but hope that I may not as it is. There is very little left in his estate, so I have to get the best deal!


 

Customer: replied 3 years ago.

Is that your answer? Can I assume that they would not pursue the proceeds of sales that I make?

Expert:  Jo C. replied 3 years ago.
I see what you are asking.

The first charge on the estate is funeral expenses.

When those are paid creditors are given priority. Thereafter, proceeds go to beneficiaries .

Anything that is jointly owned goes to the surviver of the two owners. If its not in joint names then it should go to pay creditors in proportion to the sum of the debt owned by the deceased.

Can I clarify anything for you?

Jo
Jo C., Barrister
Category: Law
Satisfied Customers: 69773
Experience: Over 5 years in practice
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