2006-07-31 09:56:24 · 12 answers · asked by charlesshilston 1 in Business & Finance ➔ Other - Business & Finance
Your debts come out of your estate. If you have no value in your estate then the debt, itself, does not get passed down. If you have value in your estate, the estate will be reduced by the amount of the debt so that your survivors will receive a lesser amount.
2006-07-31 10:01:04 · answer #1 · answered by BigRichGuy 6 · 0⤊ 0⤋
Generally no. If you pass away and have any debts, your estate will need to pay those debts before your heirs inherit your estate. Creditors have a certain amount of time to put in a claim on assets before probate is able to give your assets to your heirs. At least in the U.S. and undoubtedly also in most other countries, nobody inherits your liabilities.
With your question, I'm guessing you're either worried about your parents passing on their debt to you or you're trying to pass your debt off onto someone you don't like.
2006-07-31 17:06:37 · answer #2 · answered by Kurt 3 · 0⤊ 0⤋
Not in the US. The assets you leave behind (house, car, money, etc) are your Estate. Your debts are paid out of your estate before the people in your will get them. If there's not enough in your estate to pay all the debts (and they've taken the car, house, etc) then the debts just die. No one has to pay them, but then there's no inheritance either.
2006-07-31 17:01:33 · answer #3 · answered by Molly 3 · 0⤊ 0⤋
Your estate inherits your debts, it pays the debts via an executor then the beneficiaries are paid the balance (if any) after the creditors have been paid.
If you die with more debt than assets (unusual) then debts are written off under insurance etc...
2006-07-31 17:00:12 · answer #4 · answered by david b 2 · 0⤊ 0⤋
Your debt passes on to your estate. Debts get paid first, then everyone else. (of course the bottom sucking lawyer gets his cut for doing nothing other than look nice and sound official)
If the estate is worth nothing - the debt gets written off.
2006-07-31 17:33:52 · answer #5 · answered by Mr. PhD 6 · 0⤊ 0⤋
No, unless you have also signed the contract that would make you responsible for the debt.
Yes, if you have inherited property and you will have to pay taxes on that.
See an Attorney to be sure what you must do.
2006-07-31 17:03:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
na, you only inherit debts in the UK if there was enough money in the estate to pay them off. most companies who your loved one owes money to will write the debt off. I have heard of one case where there was no estate and the debt was passed on but this is not common. my dad died 5 months ago and left us huge debts and no estate to pay them off with, but they all got written off.
2006-07-31 17:00:38 · answer #7 · answered by egger 3 · 0⤊ 0⤋
That's what happens. Whoever inherits your estate inherits your debts.
2006-07-31 16:58:10 · answer #8 · answered by kako 6 · 0⤊ 0⤋
sure, give me ur info n ill pass u all my debts
2006-07-31 17:12:35 · answer #9 · answered by saijjan 2 · 0⤊ 0⤋
Yep
2006-07-31 16:59:44 · answer #10 · answered by bye bye 5 · 0⤊ 0⤋