Mama Pastafarian
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You have no obligation, morally or otherwise, to pay your parents' debts. Before you get any inheritance, however, the debts will have to be paid out of their estate. |
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Steviemarie
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What you really need to do is talk to a licensed attorney in your state......Estate Planning attorney.
Everyone thinks they know the law...but they don't...because laws change so much...only attorneys get inside information
Plus, Even if you take the advice from someone here on Answers.....They may not even be in the state your in...so there answer would not even be valid.
State laws very. |
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*****
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Morally you have an obligation to pay you parents bills, if they are unable to do so.After all, they took care of all you needs for at least 18 years, or more. |
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Frank Castle
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I suggest you to buy life insurance for both of them.
Eventually they will die and you will have hundreds of thousands of dollars. |
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goodyisback2010
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ask a lawyer, but I would say unless they name you as their beneficiary in their wills then no you are not responsible for their debt |
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jannie
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only if you had siged on the loans or co signed |
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thylawyer
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You are not personally responsible to pay their debts, unless you are listed on the account as a user.
If you become the executor of their estate, as executor you are responsible to either pay the bills out of the estate assets or having the estate declared bankrupt (not the same thing as federal bankruptcy).
If they own real estate and the estate cannot pay all the bills, the real estate would have to be sold, so if you want to keep the house, you would have to pay the bills. |
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Doug
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Well their property gets seized and sold to pay the debt. Outside that? No. |
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swissnick
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No, you are not. But there is a choice of "all or nothing" - so without the debts,you also won't get any fortune, no property, nothing. |
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GreenBeansRevenge
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i always wondered. I figure i'll just let her get a bad credit rating. |
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sniperluvnslo
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No, but any remaining property that they have will be sold to cover the debt...it won't come from you, but it will come from your inheritance.
Ask your lawyer |
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Sydney
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Nope. No worries. but any property they have will have to be sold to pay it off. |
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saffronangel
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You would not be legally responsible. |
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Orion's Belt
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No, but any remaining property that they have will be sold to cover the debt...it won't come from you, but it will come from your inheritance. |
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J Somethingorother
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Tricky question....their assets must be used to pay their indebtedness...so if you inherit their assets...you actually only inherit what's left after their bills are paid. so one might say in a round about way that you could be paying for them. However, you would never be required to spend your own personal money/income on their bills. |
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waymar476
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yes and you should start paying now as you have to pay a parents of morons tax which will be at 200% |
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ngina
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If you are one of the signatory to the debt then you are eligible to pay. In order for this to occur, you must have signed some documents. Otherwise no you are legally not bound to pay that loan. |
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