Would he and his brother be liable for their debts? They own a house and hopefully will have SOME equity in it before this were to happen which would HOPEFULLY pay off the house and any fixes required when selling a home, but I truly doubt they will have enough to pay any outstanding credit card debt, car loans that are upside down, etc. Does that become our responsibility?
I am really not trying to be morbid or disrespectful. I really love my in-laws, they just are really bad with money and I worry that we "kids" will have to end up paying for their mistakes.
2007-06-25 16:18:11 · 7 answers · asked by luvmypups 2 in Business & Finance ➔ Personal Finance
Unless you have cosigned onto a debt with them, you cannot be held responsible for it.
You will be much more likely to face pressure to help them with expenses if their money should run out while they are alive. You're in a tricky position, because as the daughter-in-law, you risk looking like the bad guy if you say, "Hey, how about some credit counseling?" over Thanksgiving Turkey, or give them the book Debt-Proof Living for Christmas. But if you can manage it without hurting everybody's feelings, help them help themselves. Talk about how you just LOVE David Bach's books, and how they helped you with your own financial problems, change the channel to Oprah when Suze Orman is on. I know it's tricky, but this could seriously impact your life and your marriage in 5-10 years.
2007-06-25 16:32:33 · answer #1 · answered by Anonymous · 2⤊ 0⤋
The estate is responsible first, and unless the children are co-signers on debt, notes, obligations, etc., the estate will bear all of the liabilities. That means that if there is too much debt, the executor of the estate, (possibly your husband or his brother) will need to liquidate the estate and then pay all the liabilities off. If there is extra, it will go to those designated in the will. The positive is that your family is likely not liable, bad news is that it does not sound like there is anything left for you and your family.
2007-06-25 16:24:50 · answer #2 · answered by redwine 6 · 1⤊ 0⤋
Yes and no. First, if they have a will, and assuming one passes on before the other, creditors would file for their "dibs" on the ESTATE of the dead person. In most non-community property states(this is a factor you have to consider, too), only the person who signed the debt instruments would be whose estate would be affected by death.
The upshot is that their debt will NEVER become your responsibility. On the other hand, you may not see any great proceeds due to their death.
2007-06-25 16:26:25 · answer #3 · answered by cattbarf 7 · 1⤊ 0⤋
looking on your state probate rules, extra advantageous than possibly, you will could get what's called a joint conservatorship. A will does not cover this occasion. in case you die without written classes, the courts will seem for the the rest organic and organic ensure. considering this father has already terminated his rights, the courts will then seem to the newborn's maternal grandparents. in the event that they are too previous or infirm, then to maternal aunts and uncles. Your husband can record for custody in spite of the undeniable fact that that's going to be lots extra undemanding for him in case you 2 in simple terms went forward and had him undertake him. there's a such element because of the fact the equitable ensure doctrine which says that a non-organic and organic person can get custody of a newborn if the non-bio ensure holds him or herself out publicly to be the newborn's mothers and fathers, helps the newborn, and has an emotional bond with the newborn. in spite of the undeniable fact that, very few jurisdictions interior the U. S. know the equitable ensure doctrine. you incredibly could call criminal help or an criminal professional. apart from the entire custody difficulty, every time someone makes a lifestyles decision which contain getting married or getting divorced, they actually could replace their will.
2016-10-18 21:44:49 · answer #4 · answered by kelcey 4 · 0⤊ 0⤋
Their debts will be paid out of their estate. If the estate does not have enough money to pay the creditors, the debt does not pass on to children or relatives (unless they were co-signers on loans).
2007-06-25 16:47:49 · answer #5 · answered by skipper 7 · 1⤊ 0⤋
When they die their estates will pay all bills, if they don't have a positive net worth the heirs get nothing and the bill collectors get nothing. Unless you are a cosigner they can't make you pay someone else's debts.
2007-06-25 16:23:52 · answer #6 · answered by shipwreck 7 · 1⤊ 0⤋
credit washes away with death. it want be given to you. Now when it comes to their passing and he expences with that. then you may want to take life insurance out on them so you can have those expenses paid. if they dead you the house in their death, i am not sure what happens with that. i think if they have a mortgage then the bank gets first say
2007-06-25 16:55:43 · answer #7 · answered by Eden 3 · 0⤊ 0⤋