2007-01-16 11:08:54 · 10 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
I know it will be passed onto your family. But what if you wrote a will and put "i leave all debts to the government"
will they just ignore it and make family pay it? What if your life insurance can't cover all your debt?
2007-01-16 11:16:25 · update #1
Ok what if (s)he lives in a small house....by her/himself, was an only child, and had no children and everything in the house couldn't add up to paying the debt off?
2007-01-16 11:22:42 · update #2
what happens if you try it?
2007-01-16 11:29:37 · update #3
Although what you have written is an intriguing proposition, it unfortunately has no basis in law, as I am not aware of any state in the United States which allows a debt to be willed to someone else. When a person dies, someone is appointed to administer the estate. That person is responsible for settling the debts of the decedent, and distributing any remaining assets according to the decedent's will, or the applicable laws of the state. If the amount of debts exceed the value of the estate, then there is nothing that will be distributed to anyone else.
In the event that there is more debt than assets in the estate, any remaining debt will usually remain unsatisfied as creditors are generally not permitted to pursue other family members unless those persons were otherwise liable for the debt (such as spouses with joint credit or cosigners of loans).
As a final aside, insurance is generally not part of the estate, as the proceeds are given directly to the person named as the beneficiary, without ever becoming the property of the decedent.
2007-01-16 12:02:21 · answer #1 · answered by Eric 3 · 1⤊ 0⤋
You can't leave your debt to anyone. Now, they can take your life insurance and money from your belongings in payment of your debt. But, they can't make someone else pay your debt.
2007-01-16 11:12:29 · answer #2 · answered by mom_of_1 5 · 1⤊ 0⤋
You can't do this however I think it seriously would rock if you could get away with it. I believe once a person has past on thier debts should be forgivin and not have them passed on to thier loved ones it takes enough to bury your dead you shouldn't have to pay thier debts as well.
2007-01-16 11:19:20 · answer #3 · answered by fancyloves2karaoke 3 · 0⤊ 0⤋
Someone's will isn't something that has to be recognized. Otherwise people could say they wanted this person killed or other crazy stuff. Debts automaticall either go to next of kin or are erased, depending on who the debts are too.
2007-01-16 11:17:16 · answer #4 · answered by #1 Buckeye Fan!!!! 4 · 0⤊ 0⤋
You cannot leave your debts in your will.
I wish you could send them all to the government for payment. LOL I would love that and I know my kids would like it, like it a lot.
2007-01-16 11:24:09 · answer #5 · answered by floridagrandma 3 · 0⤊ 0⤋
Ok, this is a good question, if there is no family to be found to pay, the goverment of couse wont pay it, that means the creditors louse the money!.
2007-01-24 08:10:45 · answer #6 · answered by javierporras1983 3 · 0⤊ 0⤋
Good luck with that one.....I think they (the government) has plenty of debt of its own dont you??
2007-01-24 08:33:50 · answer #7 · answered by Rick 3 · 0⤊ 0⤋
money is taken from you property. in spite of the valuables would not conceal, is written off as undesirable debt. it fairly is genuine in spite of in case you have infants, siblings, and so on. as they are not in charge on your debt.
2016-10-31 07:31:36 · answer #8 · answered by ? 4 · 0⤊ 0⤋
I don't know--but I LOVE the idea! :)
Seriously, you can't do that--your estate consists of what's left after any outstanding depts are paid off.
2007-01-16 11:13:41 · answer #9 · answered by Anonymous · 1⤊ 0⤋
u cant will ur debts .. ur debts will go to ur family ...
2007-01-16 11:11:48 · answer #10 · answered by Anonymous · 1⤊ 1⤋