Our in laws debt?

Question

If my mother and farther inlaws dye and they have oustanding debts Are we responcible for their debt??

Answer 1

If you are the executors of their estate their bill collectors will try to get money off of you. Normally in that event you wouldn't want to sell the house right away because it can get nasty, but the credit card companies try hard, even though you are not directly responsible.

Auto loans anything like that you would assume or it would just get taken away. Any loan company will try to come after the executors. A good thing to have on a home for older family members is the insurance where it pays the home off if somebody were to pass as a signer. My mother had that which was well worth it. House paid for! She barely paid half of the mortgage. You may want to try to sit down with your in laws and discuss where they stand, net worth, and wishes are. Even though it's unfortunate you should always have a plan.

Answer 2

You personally are not responsible for their debts.

But, if you act as the executor of their estate, then you must pay the bills from the estates assets. This is generally done before honoring any bequests, but that may be subject to whatever your state law allows.

If the debts are significant and the assets small, the matter may be moot.

I would spend a few $ and talk to an estate attorney to get an idea of what the estate obligations are and how you can best preserve any assets.

Sorry for your loss............

Answer 3

Not if you did not sign anything.