2007-09-28 08:05:18 · 10 answers · asked by T.C. 2 in Business & Finance ➔ Personal Finance
The debts should be paid for out of the any estate the person left behind. What is left over of the estate will go to the children. If there is more debt than estate, then the children get no estate, but the debt does not go to the children. There is no way to legally force a person to pay a debt that they did not incur.
Now, there is a situation that you should know about. I have heard of people getting into debt with their children. The child puts his/her name on the loan or credit card for whatever reason or other. When the parent dies, the child is now responsible for that debt. This is a special situation though.
Now, there are plenty of sleazy debt collectors who will try to make the children believe they are responsible for the debts of the parents.
2007-09-28 08:11:29 · answer #1 · answered by A.Mercer 7 · 1⤊ 0⤋
NO! But a copy of the death certificate usually wipes away a lot of debt where the individual and their bills are concerned.
I know, we experienced this when my MIL passed away awhile ago. She had a few outstanding bills and when they came, I just called the companies/stores and told them that she had passed away and almost all of them wiped the debt off after we sent them a copy of the death certificate. It has been a while, but if I remember correctly, we didnt have to pay any of them except for her house, which she had life insurance on, so that was taken care of.
2007-09-28 08:16:19 · answer #2 · answered by MyKidsMom 3 · 0⤊ 0⤋
No. but if there are any assets left after a person dies the debts will be paid out of those assets.
2007-09-28 08:08:12 · answer #3 · answered by howie r 5 · 1⤊ 0⤋
No however the guy who's owed could desire to document the debt with the valuables and whilst any coverage payouts are in probate, the debt could be taken out earlier the family members receives the money from an inheritance or coverage plans.
2016-10-20 05:50:06 · answer #4 · answered by ? 4 · 0⤊ 0⤋
No, the decedent's estate is responsible for debts, unless one of the offspring co-signed for a debt.
2007-09-28 08:15:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Of course not.
His ESTATE is responsible for his debts. If he has no assets, then the debts die with him. If he has assets, then those must go to cover the debts first. Anything left over can be distruted to the heirs.
2007-09-28 08:12:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋
His estate may have some responsibility but not individual children unless they are co-signers or have responsibility.
2007-09-28 08:08:29 · answer #7 · answered by Squat1 5 · 1⤊ 0⤋
no, whatever debt they had will be paid out from the Estate,
whatever is left over will get distributed according to the
will.
2007-09-28 08:08:17 · answer #8 · answered by Anonymous · 1⤊ 0⤋
usually anything that is not kept by the children is sold off and used to pay for any monies owed
2007-09-28 08:13:41 · answer #9 · answered by Jessi 7 · 0⤊ 0⤋
Yes.
2007-09-28 19:10:33 · answer #10 · answered by Anonymous · 0⤊ 1⤋