2006-07-20 04:58:41 · 12 answers · asked by dd_lee123 2 in Business & Finance ➔ Personal Finance
No, your debts will be paid before your children receive an inheritance, unless you hide your money. If hidden money is discovered, debtors may sue to recover. If your estate runs out of money before your debts are paid, then your children are not libel. Common decency is to ensure your debts are paid or will be paid when you die. If you don't pay them someone else will have to, one way or another.
2006-07-20 05:05:35 · answer #1 · answered by Richard B 4 · 0⤊ 0⤋
No, your debts die with you, but your debts can offset their inheritance. Most wills (or state laws if you die without a will in place) start by saying all legitimate debts should be paid out of your assets. You might look at insurance policies that would pay things off in case you are disabled or deceased.
2006-07-20 05:04:07 · answer #2 · answered by oklatom 7 · 0⤊ 0⤋
No besides the undeniable fact that the guy who's owed might want to document the debt with the sources and at the same time as any coverage payouts are in probate, the debt would properly be taken out formerly the relatives receives the money from an inheritance or coverage coverage.
2016-11-06 21:23:57 · answer #3 · answered by ? 4 · 0⤊ 0⤋
No. But your spouse can.
http://ask.yahoo.com/ask/20041025.html
Am I responsible for my mother's debts?
QUESTION:
My mother passed away quite recently. I've been taking care of her house, and notice that credit card bills and so forth are starting to pile up. Who's responsible for these? When I notify the creditors of her death, will that make me responsible?
ANSWER:
Your mother's debts should be paid with the property in her estate -- that is, the property she left at her death. You have not inherited these debts. However, if you inherit property that is collateral for a debt -- for example, a car that is not paid for or a house with a mortgage -- the debt comes with the property.
2006-07-20 05:03:03 · answer #4 · answered by UOPHXstudent 4 · 0⤊ 0⤋
They don't inherit your debts - your ESTATE inherits the debts. So, if you leave anything of material or dollar value, your children will have to use those funds to pay off your debts. If you leave no estate, then the creditors cannot collect anything.
2006-07-20 05:02:59 · answer #5 · answered by Buster Van Buren 3 · 0⤊ 0⤋
Yes.
One of the duties of an Executor is to determine the debts, including taxes, of the deceased person. The Executor must determine what debts you have and must satisfy those debts, including taxes, from the proceeds of your Estate prior to distributing your Estate to your Beneficiaries.
2006-07-20 05:02:55 · answer #6 · answered by Ted 2 · 0⤊ 0⤋
No, but they will be required to pay them out of your estate before they can inherit the remainder of your estate
2006-07-20 05:03:04 · answer #7 · answered by Pobept 6 · 0⤊ 0⤋
Whoever you name as the executor of your last will and testement will be held responsible for settling any debts you leave behind when you die.
2006-07-20 05:02:29 · answer #8 · answered by Sarah H 3 · 0⤊ 0⤋
your spouse , estate or trust inherit your debt, not your kids. if your that deep in debt that you worry about leaving it to your kids, then think about filing bankruptcy.
2006-07-20 05:03:33 · answer #9 · answered by Anonymous · 0⤊ 0⤋
give anything you own as gifts to your children while you are alike. and in your will, put down the name of the person you hate as the estate lol, what a way to revenge
2006-07-20 07:25:36 · answer #10 · answered by jean 4 · 0⤊ 0⤋