Or are they taken out of your estate (if there is enough there)?
2006-11-22 10:01:58 · 12 answers · asked by Nickpounder 1 in Politics & Government ➔ Law & Ethics
they are taken out of your estate if you have one
2006-11-22 10:04:29 · answer #1 · answered by Anonymous · 1⤊ 0⤋
In most "free world" countries where you can own stuff, your debts will automatically be attached to your estate either through probate or the normally required statement in the last will and testament... "all outstanding debt to be paid to the exclusion of all other claims or bequests" ( a U.S. thing).
No they do NOT die with you.
Insured right of survivorship clauses in home mortgages and automobile contracts are a REAL good idea...
2006-11-22 10:32:15 · answer #2 · answered by Gunny T 6 · 0⤊ 0⤋
If the items are covered by insurance your OK! If not then your family could end up having to pay them either out of the estate(if theres enough) or their own pockets if not!
I know! We had to pay a couple of bills after our Mum died and the companies concerned only froze the interest from the time she died! Only one wrote a debt off!
Thankfully they weren't large bills but I still think it unfair!!!
2006-11-22 12:27:05 · answer #3 · answered by willowGSD 6 · 0⤊ 0⤋
well i have just got a new credit card and the policy is that if you die then your debts get passed on to your loved ones! (nice isnt it!) however, you can take out additional policies that cover you against this happening. you pay a small % of what you owe extra every month or something and then they take care of your debts if you lose your job or if you die. so nope they dont "die with you"
2006-11-23 02:05:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Creditors are like vultures, they go after the dead same way. Heirs have to pay out of the estate. Better try to dissimulate as much as you can from the estate, for instance jewels, cash, furnitures, stocks, art. Then have a negociation with the creditors, most of them will accept to get one dime to the dollar....They are so greedy,,,
2006-11-22 10:14:15 · answer #5 · answered by Mimi 5 · 1⤊ 0⤋
First they are taken out of your estate, then they try to pressurise family for the shortfall. I know My family have been through it!
We didnt give in and they finally did! Ps The council said no problem we could have 2 weeks to clear out my dads belongings and furniture, then they tried to get us to pay the rent for those 2 weeks, can you believe that?
2006-11-22 10:06:40 · answer #6 · answered by mistickle17 5 · 2⤊ 0⤋
Yes
2006-11-22 10:56:05 · answer #7 · answered by Anonymous · 0⤊ 1⤋
If your estate can't cover your debts,the kind and generous Gordon Brown pays them for you
2006-11-22 10:11:09 · answer #8 · answered by Butt 6 · 0⤊ 1⤋
No. Taken from Estate. However most companies can be persuaded to write them off
2006-11-22 10:04:41 · answer #9 · answered by Barry G 4 · 0⤊ 1⤋
Taken out of your estate if you have one.
If you leave nothing but debts, they can whistle for it.
Hey, that's given me an idea........
2006-11-22 10:05:38 · answer #10 · answered by mcfifi 6 · 1⤊ 0⤋
IN AMERICA THE HOME WOULD REVERT BACK TO THE BANK UNLESS YOUR FAMILY TOOK OVER THE MTG, CARS GO BACK EVERYTHING WITH A LEAN REVERTS TO THE LENDER. UNLESS THE DECEASED HAD INSURANCE TO COVER THE DEBT IN TIME OF DEATH. THE BANKS CAN PUT LEANS AGAINST ANY REAL PROPERTY AND LIFE INSURANCE UNTIL DEBTS ARE PAID.
2006-11-22 10:18:45 · answer #11 · answered by Anonymous · 1⤊ 0⤋