2006-07-08 06:30:59 · 24 answers · asked by Neuropt 1 in Politics & Government ➔ Law & Ethics
when a person dies, the first thing to come out his estate are taxes owing. then debts owing. anything left will then get disbursed to his beneficiaries.
you will not have to pay anything out of your pocket
2006-07-11 16:35:59 · answer #1 · answered by canadian_beaver_77 4 · 3⤊ 0⤋
In my state, people are responsible for their own bills. If there is a will, and an estate, you may have no choice but to sell what he had, and pay as much as you can. After a will has been probated, there is nothing a creditor can do. If your father doesn't own any property, and there is nothing you can sell of his to pay for his bills, then there isn't much a creditor can do about it. You are not responsible for any debts he made. I am assuming you are the executor of the will. If there is an estate, like I mentioned before, then you can't keep all his possessions, and not pay the bills. Then creditors could bring a suit against you if they so choose. This is all according to the laws in my state. California is a different ball game. I have worked in a legal environment for eight years now, and that is how it works for us. There are so many small details about it. Best thing to do is check with an attorney in California. If you do not live in California, maybe you can have a phone consultation. Most lawyers will do one, and I am not sure what they will charge you. Some lawyers may give their consultation free, and some may charge. Phone consultations can be a little different from face-to-face consultations.
Good luck!! Hope I helped.
Not sure if you meant L.A or Louisiana but either one, my answer is still the same.
2006-07-08 06:47:02 · answer #2 · answered by ? 3 · 0⤊ 0⤋
No, in ordinary words exception is any debt the position both teh children and fogeys were on the account (like in the adventure that they bought a house at the same time or co-signed a loan at the same time). The resources of teh mum and dad (in the adventure that they even had any resources upon lack of existence) pays all thoughts-blowing debts. Then regardless of is left over will bypass to the heirs (which may be the children). So those debts ought to shrink regardless of inheritance the children recieve regardless of the indisputable fact that the children received't direclty be to blame for them.
2016-11-06 01:30:04 · answer #3 · answered by ? 4 · 0⤊ 0⤋
La. is sometimes different on lots of things, since it's based on French legal system rather than English. But unless I'm mistaken, his estate would be responsible for his debts, but his child wouldn't have to pay anything out of his own pocket if the estate couldn't cover it. So, basically, it can reduce your inheritance, but no more than that.
2006-07-08 06:35:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You are not responsible for his debts unless you are a cosigner on any of those debts. When he dies, his assets will first be used to pay any debts he left. If there are not enough assets to pay all his debts, the other creditors are out of luck.
They can take back any secured items, however, so if he still owes money on a house or a vehicle, those creditors can repossess the vehicles or foreclose on the house if no one continues to pay for those items.
2006-07-08 06:40:59 · answer #5 · answered by Mama Pastafarian 7 · 0⤊ 0⤋
You shouldn't be liable for his debts unless you have agreed to be a co-signer or something. Any debts are paid from whatever estate is left.
It would be a good idea to check with an attorney who practices in La. just to be sure.
2006-07-08 06:36:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No. Death cancels debts.
2006-07-08 06:34:31 · answer #7 · answered by helixburger 6 · 0⤊ 0⤋
The answer is absolutely not. However, his debtors will use every trick in the book to try to collect from you on his debts (guilt, fear, intimidation). Now is the time to "cover your tracks" so that they cannot find you through him, because they will try.
2006-07-08 06:35:10 · answer #8 · answered by You'll Never Outfox the Fox 5 · 0⤊ 0⤋
if you are not a co-signor on any loan, credit card application, or a joint owner of an asset, you should not be liable. If you co-own assets with your father, the asset may need to be liquidated to pay a portion of his debts.
2006-07-08 06:34:52 · answer #9 · answered by Russian Tomcat's catnip 1 · 0⤊ 0⤋
Only if you inherit any property from him..then the debts will come out of inheritance. Don't let anybody tell you different. I too am from Louisiana.
2006-07-08 06:34:12 · answer #10 · answered by Shar 6 · 0⤊ 0⤋
only if he has an estate / money/ life insurance etc...that was left to you, the debts would have to come out of the estate money.. and you get what's left...if he has no monetary items or property etc ... you have no responsibility... he is an adult... unless you sign something agreeing to the responsibility..... please do not sign anything with out a lawyers advise!
2006-07-08 06:37:30 · answer #11 · answered by Ms Fortune 7 · 0⤊ 0⤋