As long as I'm alive, I'll be paying for my own debts and expenses, but once I pass and still have remaining debt, do my children living in a different State have to pay off that debt? I own very little (no real estate, stocks, etc.) and have not written a LWT.
2007-02-11 04:35:38 · 6 answers · asked by Moe J 3 in Business & Finance ➔ Personal Finance
Your debts will be paid out of your estate. If you run out of money in your estate the bills will go unpaid.
Be sure to have a LWT so you children can get anything you have over what your debts are worth.
2007-02-11 11:54:07 · answer #1 · answered by Jen G 5 · 0⤊ 0⤋
No, your children don't have to pay your debt, but your estate does. So, effectively, it will come out of your children's share of your estate.
2007-02-11 15:00:34 · answer #2 · answered by Quixotic 3 · 0⤊ 0⤋
Your children may be able to escape your debt. But it might be good to counsult someone that can ask and answer your questions in person. That way there will be no mistakes.
2007-02-11 12:46:32 · answer #3 · answered by Scott 6 · 0⤊ 0⤋
No, children are not required to retire their parents' debts.If, however, there are encumbrances/liens/mortgages against any asset that you have, your children may not be able to take possession of them after your death until the encumbrance has been paid.
2007-02-11 14:16:16 · answer #4 · answered by beached42 4 · 0⤊ 0⤋
No, they will not make your children pay your debt.
2007-02-11 12:45:35 · answer #5 · answered by Queen 2 · 0⤊ 0⤋
Absolutely not!
2007-02-11 12:38:33 · answer #6 · answered by Mr. CoCo 3 · 0⤊ 0⤋