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My mom owes 6000 on her credit cards all interest. Now she has had a stroke and has dementia. Am I as her power of attorney responsible to pay?
Wiki User
∙ 9y ago
If your mother owes 6,000 dollars on her credit cards and you have power of attorney you are no obligated to pay for her expenses. It only means that you handle her money. There are lists and lists of your responsibilities as an Agent, but you do not have to use your money to cover her expenses. You should consult a lawyer and if you haven't been thus far, begin keeping records and recites of every expense your mother needs. This is integral when it comes to paying bills. To prove that you are not financially responsible with your money for her needs. If you keep good records you could potentially be reimbursed for any out of pocket incursions. You should read your power of attorney document thoroughly to fully understand your responsibilities as the Agent.
Wiki User
∙ 9y ago
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Who is responsible for your credit card debt after your death and your spouse has given you power of attorney due to dementia?
Your estate will be responsible. Indirectly, you wife will either have to pay it or get a smaller inheritance.
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The "you" who would be responsible for his credit card debt would be the benefactors of his estate. In most states, that automatically goes to the wife. I would check with an attorney before liquidating any assets to pay the debt.
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The term interest credit refers to percentage of the credit that will be added as interest by the bank that issued a credit card. In this case, when the customer exceeds the allowed money limit, the bank will start taking interest on the exceeded credit.
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The estate is responsible for all debts. Please consult a probate attorney for specifics on how to open an estate.
Is the spouse responsible for the deceased credit card debt in Illinois----Will they take it out of the estate?
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How do you calculate effective interest rate on a line of credit?
how is line of credit interest calculated
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debit interest expense, credit interest payable for the accrued amount
