Keep seeing a commercial that says your loved ones would be stuck with your bills. I don't have a spouse, can they go after my children?
2007-07-26 21:00:27 · 5 answers · asked by madastella 1 in Business & Finance ➔ Personal Finance
Only if they have signed as responsible party for any of your final care, if there is any. They can not be held accountable for your mortgage, car notes, credit cards. They can and will be expected to pay your funeral expenses if you do not have burial insurance, but personal debt is not inherited. If you leave property to them, and it is mortgaged, then they may have to sell the property to satisfy the debt, or they may make arrangements with the lending company, in their own name, if they wish to retain the property.
2007-07-26 21:09:42 · answer #1 · answered by claudiacake 7 · 1⤊ 1⤋
Anyone who inherits your estate inherits your secured debt. The estate goes into probate which is the legal process of settling the estate of a deceased person, specifically resolving all "claims" and distributing the decedent's property usually handled by the executor of the estate.
2007-07-27 04:10:05 · answer #2 · answered by Anonymous · 0⤊ 2⤋
Debts CAN NOT be inherited. Any ASSETS you have would have to be sold to cover debts before your heirs can inherit anything. If they want to keep your house/car/etc. they would have to pay your debts first. If you do not own enough to cover your debts, no own inherits anything and the creditors out out the difference.
2007-07-27 09:35:12 · answer #3 · answered by STEVEN F 7 · 0⤊ 1⤋
Not if they are all in your name. They could put judgments on your personal estate though.
2007-07-27 04:04:43 · answer #4 · answered by Anonymous · 0⤊ 1⤋
yes they can. The next of Kin inherets everything so if your kids die then your grandkids.
2007-07-27 04:03:49 · answer #5 · answered by Anonymous · 0⤊ 2⤋