someone i know has put me in their will and has just gone bankrupt. I am scared that I may inherit their debts?
2006-10-06 09:02:10 · 15 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
No, many contracts and agreements automatically end with the death of one of the parties.
Any claim made is against the estate of the deceased, not the living relatives. You have nothing to worry about.
2006-10-06 21:15:14 · answer #1 · answered by LYN W 5 · 0⤊ 1⤋
It is a general axiom of the common law on contracts that when you agree to a contract, you bind yourself, your heirs and successors.
That provision is often mis-interpreted.
What it means is: A borrows 10,000 (currency of your choice) from B. A makes regular payments of 250 per month for 8 months. and then A dies.
When A dies, A leaves an estate with no (practical) value. In this case, the creditors of A's estate will get nothing.
If A dies with an estate worth more than 8,000 then A is entitled to be paid.. (as well as are any other creditors) It is up to the probtate court to determine who gets paid what.
If you are having a problem.. you should consult an attorney licensed in your state. If you don't know one... call your local or state bar association.
2006-10-07 01:03:18 · answer #2 · answered by Phil R 5 · 0⤊ 0⤋
I agree with Robby216 save one part.
I ThinK that if a person is not listed as a co-borrower then s/he is not liable. What I'm saying is that if a person is an authorized user of the deceased credit, then s/he has to pay the left over debt; but if the person is not an authorized user, then, s/he does not have to pay.
2006-10-06 09:27:38 · answer #3 · answered by William T 3 · 0⤊ 0⤋
No. You cannot inherit peoples debts. Fact.
2006-10-06 09:10:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Debts are covered by whatever you have left when you die. If there isn't enough to cover it, only a spouse can be held liable because married people are on financial being.
Debtors can not chase your children, siblings, parents, or anyone else to cover your debts - living or dead.
.
2006-10-06 09:03:29 · answer #5 · answered by Robby216 4 · 1⤊ 1⤋
No. Their estate will have to pay off their debts. Anyhting left over wil l be given to you in the inheritance.
2006-10-06 09:05:04 · answer #6 · answered by noir 3 · 1⤊ 1⤋
I don't know but I would like to know the answer also. I am in the same situation⥠I sure don't want their debt, I have my own to pay offâ¥
2006-10-06 09:04:22 · answer #7 · answered by ♥USMCwife♥ 5 · 1⤊ 2⤋
Hey Tammyg, great answer.lol.
No once the person is dead every debt dies with them.
2006-10-06 09:09:04 · answer #8 · answered by Mimi 2 · 0⤊ 0⤋
no the debts die with them if there is no estate left to settle it.
2006-10-06 09:06:25 · answer #9 · answered by joleen19842006 3 · 1⤊ 2⤋
No. If they have nothing to leave you get nothing. You are not responsible for any debts.
I wish it was though, I would leave my ex-mother in law in my will and then just have a great time living it up at her expense.
2006-10-06 09:06:31 · answer #10 · answered by Tammy G 4 · 3⤊ 2⤋