Am I legally bound to pay off my father's debts after his death?

Question

I'm talking mainly about bank loans and credit card bills.

Answer 1

In a common-law jurisdiction like the USA or England, only to the extent that you inherit from his estate or -- in some cases -- received gifts from him while insolvent or in anticipation of possibly becoming so within the time period fixed in your jurisdiction (commonly 4 years in the USA under the Uniform Fraudulent Transfer Act).

Tax debts have a slightly different rule. Also you would be liable for debts you personally guaranteed.

Answer 2

Once a debt is older than the statute of limitations for debt in your state, a debt collector no longer has the right to sue you for payment. You may still have a moral obligation to pay back the debt, but you can't be sued over it. In some states, making a partial payment to a debt collector or even acknowledging that you owe the money is enough to make an old debt new again. If this happens, the five-year statute of limitations on your debt starts all over again. A debt collector has five more years in which to sue you for payment. And a non-payment on your new-again debt could be reported on your credit report. Then the advantage transfers to debt collectors.

Answer 3

No, not you personally.
If he had a will and you opened up an estate for probate - the executor has to pay all debts before the rest of the estate can be administered.
If he died without a will and there are properties or holdings, you are the sole heir, and the creditors can prove that you father left money in the estate or property which can be sold to satisfy the debt, then you may have to pay the debt.

Answer 4

No, the debts are paid as possible though the probate.
If he owns property the property would have to be sold, if there are money in the bank it will have to go to pay the bills.

But after all of the money and property are gone from the estate, you merely notify them that he has passed away, send a copy of death certificate, and there is no money in the estate to pay any bills.

If there is a house and you want to keep it, you would have to actually pay its value into the estate if there are bills for that much, since the value of the home has to be applied to the bills.

Answer 5

If you are the executor of his estate and you are also a beneficiary than yes. The executor is required to ensure that all debts are paid (excludes those debts which had life insurance though). If you don't and the beneficiaries are paid any benefits from his estate, then the creditor or financial institution can then sue or collect from the beneficiaries. I work in a law firm and see it all the time. We will register writs against land that was in the name of the deceased or transferred to the beneficiaries and there is no way to remove the writ from the title to the property unless you pay off the debt of the deceased.

Answer 6

if u r a partner with ur father in the loan, u r legally responsible, otherwise not. however, if u r trying to succeed his accounts after his death, bank may deduct the loan from the account and only balance may be transferred to u. this is my opinion on common sense basis; but do get a qualified legal advise.

Answer 7

Technically you are not responsible for his bills unless you name was on them as a joint or co-signer. You should pay for debt he had if he left assets for you to do so. If he did not leave any money then you don't owe anything regardless of if the credits try to make you pay.

Answer 8

My cousin just died a few months ago and he had nothing. Our lawyer told us since he had nothing his debt died with him. Now if he left behind a home or some kind of assets then we would have to put that all in probate and his debts would be paid then we would get the rest. Sorry about your loss.

Answer 9

No. But his estate is. Anything you inherit from him will be tapped to pay those debts in probate before you see a dime. Unless, of course, you had a living trust or some other asset protection vehicle.

Answer 10

No. Legally you are not bound to pay off the debts of your father unless you inherit any of his property. His properties musgo towards the loquidation of his debts and only th epart remaining in excess of he febt would go to you as inheritance .But certain people would feel hat i is heoir moral responsibiliy to pay of he debts of thier parents , for the reason tha the perents in most cases incur debots to mainain their families and provide for their children. but he children should hae enough to liquidae the debts .