My father has had nothing to do with me or my brother and sisters since i was 7 years old(im 25 now)never paid a penny child maintainance,remarried and had other kids.How can I make totally sure that I wont inherit his massive debts!He has mentioned to friends he might divorce his wife so she wont have the debt!
2007-03-20 02:15:56 · 23 answers · asked by sanders_sammy 2 in Family & Relationships ➔ Marriage & Divorce
Don't accept any part of his estate.
2007-03-20 02:20:05 · answer #1 · answered by Chief BaggageSmasher 7 · 0⤊ 0⤋
In most cases any debts are paid from the persons estate, so no one actually inherits the debt, but only inherits something from the estate if there's anything left after the debts have been paid off
2007-03-21 04:47:21 · answer #2 · answered by SunnyDays 5 · 0⤊ 0⤋
No in spite of the undeniable fact that the man who's owed ought to record the debt with the resources and at the same time as any coverage payouts are in probate, the debt may be taken out earlier the relatives receives the money from an inheritance or coverage coverage.
2016-12-02 06:57:26 · answer #3 · answered by bulgarella 4 · 0⤊ 0⤋
I hate to burst his bubble but any debts incurred by either party during their marriage is both of their debts -- his divorcing her will not automatically release her from the liability. Further death extinguishes all debts, except for some secured loans if the creditor elects to enforce their collection rights which would be in the case of a home loan that's not fully paid, car loan, etc. But rest assured, under no circumstances will you be responsible for any debts he has incurred or will incur.
2007-03-20 03:26:53 · answer #4 · answered by GrnEyedBlondeSwede 2 · 0⤊ 0⤋
You can't inherit his debt. When he kicks, his estate carries the burden of paying for any unpaid debt not you. You should not even be in the picture when and if it happens, and his soon to be ex wife would assume more of the responsibility of restoration than you. Don't worry be happy and live your life not his.
2007-03-20 02:54:42 · answer #5 · answered by steinerrw 4 · 1⤊ 0⤋
Make sure that you are not a joint owner on any accounts, credit cards, loans or mortgages with your father. I would also consult with a Lawyer to see what can be willed to you just to make sure. Considering that your father remarried and has other children (even if he divorces his wife) the debt would hit them first. I am sure his wife's name is on the house they live in and he is on accounts with his children if they are minors and his wife.
2007-03-20 02:23:25 · answer #6 · answered by Important 4 · 0⤊ 0⤋
You won't inherit the debts. His estate may be responsible for the debts before you could inherit anything left in the estate, but you won't inherit his debts, as long as you weren't a party to incurring them.
2007-03-20 02:18:59 · answer #7 · answered by Scotty Doesnt Know 7 · 0⤊ 1⤋
i would try some way to go and get his name off of mine so you do not6 get the debt. I don't know if there is a way but try to talk to a lawyer and see. who ever he leaves everything to and whoever is over his other things will acquire his debt so just make sure you don't get anything and you are not over his estate.
2007-03-20 02:22:11 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I'm not sure that you would inherit his debt, however you can obtain a form from Equifax (a credit reference agency) that allows you to totally disassociate yourself financially from another person. Maybe you should fill one out just to be sure.
2007-03-20 02:20:40 · answer #9 · answered by ♥Miss Inquisitive♥ 5 · 0⤊ 0⤋
I don't think you could be responsible for your fathers debts, however, I would check with a good lawyer just to make sure. Good luck.
2007-03-20 02:23:00 · answer #10 · answered by Anonymous · 0⤊ 0⤋
As long as none of the debt is in your name I don't think you'll have to pay anything. The credit places may contact you in the hopes that you'll pay but I don't think you are under any legal responsibility to do so.
2007-03-20 02:19:32 · answer #11 · answered by Zabes 6 · 0⤊ 0⤋