2006-06-27 01:13:45 · 17 answers · asked by Angus M 2 in Business & Finance ➔ Credit
You have no obligation, morally or otherwise, to pay your parents' debts. Before you get any inheritance, however, the debts will have to be paid out of their estate.
2006-06-30 05:41:03 · answer #1 · answered by Mama Pastafarian 7 · 0⤊ 0⤋
You are not personally responsible to pay their debts, unless you are listed on the account as a user.
If you become the executor of their estate, as executor you are responsible to either pay the bills out of the estate assets or having the estate declared bankrupt (not the same thing as federal bankruptcy).
If they own real estate and the estate cannot pay all the bills, the real estate would have to be sold, so if you want to keep the house, you would have to pay the bills.
2006-06-27 08:23:15 · answer #2 · answered by thylawyer 7 · 0⤊ 0⤋
If you are one of the signatory to the debt then you are eligible to pay. In order for this to occur, you must have signed some documents. Otherwise no you are legally not bound to pay that loan.
2006-06-27 08:20:17 · answer #3 · answered by ngina 5 · 0⤊ 0⤋
Well their property gets seized and sold to pay the debt. Outside that? No.
2006-06-27 08:17:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
What you really need to do is talk to a licensed attorney in your state......Estate Planning attorney.
Everyone thinks they know the law...but they don't...because laws change so much...only attorneys get inside information
Plus, Even if you take the advice from someone here on Answers.....They may not even be in the state your in...so there answer would not even be valid.
State laws very.
2006-06-27 09:43:06 · answer #5 · answered by Steviemarie 3 · 0⤊ 0⤋
Tricky question....their assets must be used to pay their indebtedness...so if you inherit their assets...you actually only inherit what's left after their bills are paid. so one might say in a round about way that you could be paying for them. However, you would never be required to spend your own personal money/income on their bills.
2006-06-27 08:18:44 · answer #6 · answered by J Somethingorother 6 · 0⤊ 0⤋
Morally you have an obligation to pay you parents bills, if they are unable to do so.After all, they took care of all you needs for at least 18 years, or more.
2006-06-27 08:16:41 · answer #7 · answered by WC 7 · 0⤊ 0⤋
No, you are not. But there is a choice of "all or nothing" - so without the debts,you also won't get any fortune, no property, nothing.
2006-06-27 08:17:27 · answer #8 · answered by swissnick 7 · 0⤊ 0⤋
No, but any remaining property that they have will be sold to cover the debt...it won't come from you, but it will come from your inheritance.
Ask your lawyer
2006-06-27 08:18:19 · answer #9 · answered by sniperluvnslo 1 · 0⤊ 0⤋
yes and you should start paying now as you have to pay a parents of morons tax which will be at 200%
2006-06-27 08:17:44 · answer #10 · answered by Anonymous · 0⤊ 0⤋