I dont know but I dont think your kids would inherit your card balances. I dont know. If you are worried about that – depending on the balances you carry maybe you should take the credit insurance they usually offer- it costs according to the balance you have but if you die they supposedly pay the balance off. I never go that route but instead have a life insurance policy and one on my DH.
Its worth the money to us to pay a monthly premium for some coverage that would take care of the balances and final expenses among other things etc. should something happen. There are ways to make sure your kids wont incur your debts and yet will be able to make your final arrangements if you have’nt done so already.
Talk to family members, an attorney, maybe a financial planner or adviser. I dont have any real advice but instead of worrying about having a credit card available to you to use in an emergency.. why not concentrate on an emergency fund or actual cash that you can rely on in an emergency? Work toward that and save the credit card as a very LAST resort. Let me see if I can offer some clarity and a suggestion.
As for leaving credit card balances to kids. That doesnt happen. Your accounts are your accounts. Your children have no legal responsibility to your outstanding debts it you die. The only way they would be resonsible, would be if they were listed on the accounts as joint account holder. Your estate, if there is one, would be responsible. If there were not enough funds available, then the creditors miss out. There is nothing else they can do. I hope that helps.
As for the credit counselors, I’m not a big fan. I have seen what they do to people and it isnt good. Keep the Discover account for the emergencies. I have 3 kids. I understand that. The others, you can settle each 1 as time goes on.
As for creditors sueing you, depends on where you live. And whether you are worth the legal endeavour. IF they dont think there is a chance to recover their money, they wont sue you. Hope that helps.