Upon the death of a parent are the children responsible for any
debt that the parent might have had ?
2007-08-09 09:00:01 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Only if your on a loan with them or owe a debt together...otherwise the estate pays.
2007-08-10 02:30:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, only exception is any debt where both teh children and parents were on the account (like if they bought a house together or co-signed a loan together).
The estate of teh parents (if they even had any assets upon death) will pay all outstanding debts. Then whatever is left over will go to the heirs (which may be the children). So these debts may reduce whatever inheritance the children recieve but the children will not direclty be responsible for them.
2007-08-09 09:11:19 · answer #2 · answered by Slumlord 7 · 0⤊ 0⤋
children under 18 can't be responsible for any
debt that the parent might have had .
estate of the parent pays for the debt.
2007-08-09 09:04:57 · answer #3 · answered by Anonymous · 1⤊ 0⤋
No, but if there are any assets in the estate that would otherwise have gone to the children, the parents' debts are paid out of that, then if there's anything left, that is distributed.
2007-08-09 09:09:38 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
The estate of the parent pays the debt of the parent, unless someone co-signed something with the deceased parent.
2007-08-09 09:04:58 · answer #5 · answered by Mawia 7 · 1⤊ 0⤋
The parents' estate or any insurance should cover any debt owed. And, mortgages are insured in the case of any deaths and will be payed in full.
2007-08-09 09:09:18 · answer #6 · answered by lynnguys 6 · 0⤊ 2⤋
Never.
Don't be fooled.
2007-08-09 13:50:51 · answer #7 · answered by Starte Christ 4 · 0⤊ 0⤋