blizebliz
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are you the only one on the credit cards, car payments etc.
if yes, then it should pass with you. there is no legal obligation |
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heyteach
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Your estate becomes responsible for them. IF there is a co-signer/co-borrower on anything, he becomes responsible. |
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SuperCactus
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They do not "pass to your kids". All debts become part of your estate. When your estate goes through probate those debts are paid if there is enough cash to do so. If the is not enough cash some of your assets will be sold to raise cash. After all debts are paid your estate is divided among your heirs unless you had a will or trust that give instructions on how things would be divided. |
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Spock (rhp)
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in general, your debts are paid from your assets by your estate before any heir receives anything.
if there aren't enough assets, the debts aren't paid, or aren't fully paid.
unless they're on the accounts or co-signed or similar, your heirs are not responsible for your debts.
mortgage debts, however, continue beyond your life since they are attached to the property. so do liens that have attached to real property. in both cases, your heirs would have to pay off the debts as part of any sale of the property, or make payments to prevent foreclosure if they wish to keep the property.
does this help? |
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Jennifer
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chickey_soup
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Your estate become responsible. SO if you have money from the sale of your house, bank accounts, etc after you die that money will go towards it.
If not then they companies have to write them off. THey CANNOT go after next of kin unless next of kin were cosigners. |
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BZR
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Typically there's an executor who will manage your estate; in addition to overseeing the dispersal of your assets in accordance with your last will & testament, the executor also makes payments out of your estate to settle your debts. That person would cancel your CC, utilities, etc. but those debts carry over into your estate.
If your debt outweighs your net worth, then your assets go to your debts until they're gone. Then everyone sits back and goes, ah, shucks, too bad so-and-so had so much dang debt. |
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nnnnnn
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Hopefully you have insurance on those, and any loans, etc. that you might have out. That way they will be paid in full should the worst happen. Otherwise, your spouse or parents (or other relatives) could be stuck with the bills. |
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jose p
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They will pass on to your kids |
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Holly
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it goes away. That would be unjust to give it to your relatives. |
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|||RocK3r|||
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They pass on to your kids, if you dont have kids then the nearest relative. |
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