Dying with debt

[J-hop]

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He is passed now so we don't have those options anyway. And I don't think I'm executor anyway since no will I am going to talk to a lawyer later in the week about the paper work we do have. I'm not convinced we have enough. I have his bank card and pin so I need to figure out if he was even paying insurance premiums too.

so sorry for your loss. Take some time. if you're not executor then not much you're required to do at this point.

[nzwasp]

Is the executor an official thing to be appointed by someone or can I do it without a will. I know he wanted me to be the executor. His next of kin doesn't even speak English.

[Xtrema]

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so sorry for your loss. Take some time. if you're not executor then not much you're required to do at this point.

I think his MIL and wife + siblings will be 1st in line as executor. But sounds like chances are high that OP's wife (which in turn OP) will have to deal with this in some way or other.

Reading between the lines, sounds like OP's FIL has some questionable financial habit and held close to his heart. Best case scenario, insurance coverage take cares of everything. Worse case scenario, MIL loses everything and have to move in. I think this requires professional help as well instead of random opinions on forums.

[J-hop]

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Is the executor an official thing to be appointed by someone or can I do it without a will. I know he wanted me to be the executor. His next of kin doesn't even speak English.

I don't want to give too much advice as I'm definitely not qualified and I don't think anyone here is but I believe you have to apply to the courts as an administrator.

This is exactly why I'm putting together a will soon. It is so painful for family who have to deal with it after.

Hope all goes well. I wish you the best

Edit: start here-
https://justice.alberta.ca/programs_...Form.aspx?ID=3

[ee2k]

Anyone with aging parents should have this conversation with their parents. In many [especially] immigrant families, the male in the house is in charge of all things financial and the female rides along until something like this happens. The reality is that it becomes such a burden on the survivors when a simple clear conversation (even in absence of a will) could best prepare those surviving the deceased. In this scenario, if the MIL has no language skills nor understanding for the system, the offspring and son in law are now tasked with explaining everything to MIL - some news may be unwelcome if the FIL had questionable decisions made, a conversation FIL should have had with MIL and not left to the survivors.

To OP, my deepest condolences.

[nzwasp]

The worst part of this is the Asset is the house and it's in the poorest condition possible both inside and outside. On the weekend we found mold in one of the bathrooms from an active drip. He also smoked inside so there's tar nicotine drips in the other bathroom. Personally I wouldn't live in it but her mom is determined to spend her money to fix it up herself and live here.

[nzwasp]

The banks have started asking for their share of the estate to pay off his line of credit, and two credit cards (one from cibc for 30k, the other td for 8k). I have to deal with TD personally as I have to go through a whole thing to claim the life insurance on the loc but CIBC i basically faxed them a letter saying sorry theres no cash for you. Hopefully they dont pursue it because theres no cash to pay anyone. TD might get their cash for the Credit card. I dont know if RRSP is protected from this or not. The heloc was $115k

[max_boost]

Interesting.

Keep us updated where this goes. From the life insurance thread I believe Zhao mentioned unsecured debt dies with the person but if you have accounts with the banks then not sure how that works or the process.

[nzwasp]

Well the HELOC i believe should be tied to the house but when I did a title search of liens against the house I didn't find any so I'm not sure how that works. I think its going to be awhile before the insurance pays out (if it pays out) against the Heloc because they want the letters of administration from the court and there is a hold up due to a previous divorce issue that I have to go to the court and ask about.

[rx7boi]

Sounds like a horrible situation all around. So the hope is for life insurance to pay off the HELOC and for the CC debt to go dead end? Or for the estate to pay off the CC and MIL can move on?

What assets does she have or is the house pretty much it?

[tonytiger55]

Thanks for the updates nzwasp. Keep em coming.
This is interesting insight how the institutions go about their business.

[R-Audi]

Wish you the best of luck... When my Wifes Father passed away he had some CC debt, unfortunately his wife was a secondary card holder and got stuck with his debt. (Partially separated at the time)

[nzwasp]

Luckily the only thing she is joint on is the heloc and not the credit card debt. So im really hoping that the credit protection insurance pays out on the line of credit (TD recently sent us a letter about this and it had - line of credit insurance might pay out). If it doesnt pay out then she will have to either a) continue to pay off the line of credit each month or b) sell the house and pay it off with the proceeds of the sale. She really wants to move into a townhouse in Griesbach part of Edmonton, im really hoping that all this works out because neither my wife nor myself want her to live with us.

Also we got his pension to start paying her however its roughly 50% less than what he was receiving the way he had it setup was it was supposed to be around the same amount and I think this is due to the fact that she already works so she isn't receiving that tax benefit you get when you fill out your TD1 form at the start of a new job.

The other thing I applied for is the increases to CPP and OAS because shes single now however I didnt send in proof of marriage because i presumed this had already happened when they initially applied for CPP/OAS together and service canada wrote her back and told us that shes denied until she provides proof of marriage....simple right...however back in 1982 when they got married her name was spelt wrong and they never bothered to change it so now im trying to go through changing the marriage certificate....sigh

[Kloubek]

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He took a turn for the worse this morning after routine test perforated his small intestine. So now he's hours from death

Sorry to hear that man.

[nzwasp]

Update to this:

TD Life insurance agreed to pay off the 112k HELOC and I told CIBC to basically piss off wanting their credit card to be paid off. So most things are sorted, just got to sell the house and move the MIL somewhere she can afford now.

Seems like CIBC doesnt remember that I already sent them the death certificate and now have sent their 2nd letter to me even though I told them if they have any issues they can contact our family lawyer. I guess I will be reiterating that again on Monday when I have to call them.