2006-07-09 07:58:58 · 18 answers · asked by Anonymous in Education & Reference ➔ Other - Education
Only if they inherit thier parents estate. You must pay any and all outstanding debts, thier estate owes it. However, some loan and credit companies have an insurance you pay into. If you die the bill is covered...this not placing burden on spouses or children.
2006-07-09 08:02:36 · answer #1 · answered by ? 4 · 0⤊ 0⤋
Everything goes to the next of kin when a parent dies, which could be the children. That means all property, debts, and life insurance proceeds. Usually if the parents have a life insurance plan, it usually wipes out most of the debt so the children never see the bill. But in a worst case scenario, yes credit card bill can be transfered to the children. They want their money! Life insurance on yourself is good to have for your children. :-)
2006-07-09 08:05:08 · answer #2 · answered by Josh 4 · 0⤊ 0⤋
if the parents left the estate ( or significant parts of it0 to the kids, the kids have to pay the debts out of that estate.
But, let's say your parents left all their possession to a charity. In that case, the kids don't have an obligation to pay for the credit cards.
As the other answerer said, it all depends on how the ESTATE is officially assigned or transferred, and if there is any value in the estate.
2006-07-09 08:03:36 · answer #3 · answered by nickipettis 7 · 0⤊ 0⤋
Not if the parent's were ethical and did not put the children's names on the credit cards. If the cards are only in the parent's names, no. If the card lists the kids as a co-signer or if the parents are listed as a co-signer, yes.
2006-07-09 08:04:00 · answer #4 · answered by Mariposa 7 · 0⤊ 0⤋
No. When someone dies, their debts are paid out of their estate. You’re only responsible for their debts if you had a joint credit card. The estate will pay all debts first, selling property as necessary to cover debts. If there is any money or property left after debts are paid, it is given to the inheritors as stated in the will.
2006-07-09 08:11:52 · answer #5 · answered by desert rat 1 · 0⤊ 0⤋
Most people have "credit life insurance" if they're smart, which dismisses debt in case of an accident. Otherwise, depending on the state, debts may be taken out of the estate.
2006-07-09 08:01:44 · answer #6 · answered by Fed_UP_with_work. 4 · 0⤊ 0⤋
No... not the child specifically...but their estate does... That's why all of their possesion go to probabe court to pay off any debt they may have had.... If they had more debt than assets there children are not responsible for that debt unless they co-signed specific debt (a car, a home, etc)...
2006-07-09 08:04:19 · answer #7 · answered by Tom Van Dyke 2 · 0⤊ 0⤋
that's interesting to know, so the person dieing can play a cruel joke on the credit card companies or whoever responsible for the dealings and you get rich if there is like tons of cards,
but, like watever!
This is low.
2006-07-09 08:03:31 · answer #8 · answered by Anonymous · 0⤊ 0⤋
the kind in which they die is irrelevant. even as a mastercard proprietor dies, their resources will pay the debt. Whoever is the executor of their will or the administrator of their resources is legally absolute to liquidate all their resources and pay all their criminal debts, such as mastercard balances, in the previous any distribution of the resources ought to correctly be made.
2016-11-06 02:36:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋
no , the childrens dont have to pay. sorry to hear about u r parent
2006-07-09 08:09:07 · answer #10 · answered by anand 1 · 0⤊ 0⤋