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Christina K | What happens to your debt when you die? |
For example, if my parents die owing $50k, do my brothers and I have to pay it off? Or if I owe debt and I'm single and die, do they have to pay? Or what if you are married and your spouse had their own debt (not joint but in their name) do you have to pay? |
 |
 
Joe
|
Children are not legally or ethically liable for their parent's debt, although debt collectors will try to make you think you are. The only exception is if you cosigned a loan or credit card with them. If the parents leave an estate, creditors can attach that.
Debts of a dead spouse are a complex matter, and laws vary depending on the state.
http://articles.moneycentral.msn.com/CollegeAndFamily/CaringForParents/WhenYourParentsDieBroke.aspx?page=all
http://missourifamilies.org/quick/financeqa/finqa197.htm
http://www.bankrate.com/brm/news/debt/20050527a1.asp
http://law.freeadvice.com/estate_planning/probate/parents_debt_on_death.htm |
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Stuart
 |
The debt is owed by the parents' estate.
Let's say that they left $100,000 to the kids.
The kids would only get $50,000. the other money would be used (by the executor) to pay off the bills. |
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Faye P
|
Well i know that in the UK the money is paid out from their property or any money they had...it DEFINITELY does not get passed on to family members !! unless you had a joint loan etc.... |
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fiveamrunner
 |
The debt is paid off by your estate (the sum of all the worldly goods you leave behind in YOUR name). Debt can only be passed off to someone else if they were signatory to incurring that debt. For example, if you and your spouse both signed a car loan and you die, she still owes money, since she is also signatory to that loan. However, even if she's not signatory (loan under your name only), the lender can still make a claim against your estate. In the case of your parents, no... the loan can't be passed onto you. But, expect the lender to try to recover whatever it can from your parent's estate. |
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wizjp
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no will; intestate estate opened; assets sold to pay debits; unsecured debits and left over (last filed.last paid) don't get anything. |
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The King
|
It goes to whoever inhierits your estate. They inhierit both your assets and liabilities. Of course if your liabilities are greater than your assets then they can renounce the succession and then they don't have to pay. |
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Monica
|
Who cares, your dead! |
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Debbie
|
If your parents die then their estate will pay off what it can. If there isn't enough to pay all debt then no you and your brother will not have to pay. It will be written off by the creditor. If you die as a single man then your estate will pay what it can and the rest will be written off. If your married and die then your spouse will be responsible for the debt whether it is in her name or not. Since so many debts are paid from a person's estate it would be wise to get as many assets as you can to "Transfer on Death". This way they will not be tied up in probate and be part of the estate. Your estate is assets that belong to you that do not transfer to anyone else or are owned by anyone else. For example your house could be part of your estate unless you transfer the title upon death. Same with a car, bank account or any other asset. Also if there are 2 names on your bank account then that automatically belongs to the other person and will not be part of your estate. |
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Matt
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It goes to your next of kin. Also, your life insurance may cover it. |
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Nikki
|
Perfect example, my uncle just passed last April. My aunt is responsible for all of his credit card debt and he had a will and she was Power of Attorney. It doesn't just get written off. |
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Bob M
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Most (probably all) debts are levied against the Estate of the person who died and will be paid by the Executor of the Estate.
If a debt is only in one name (not joint), relatives should not have to pay but Spouses could be held responsible.
I'm not a Solicitor, so I'm not 100% sure......it just makes common sense. |
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Melissa C
 |
Monica, it does matter if you care about your loved ones. Your family members would be dealing with the debt after you die. |
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Shyman
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firstly, they'll take all the possessions of the person in debt. if that doesn't cover the cost they will demand the money from the offspring/family of that person. |
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The Blue Leaf
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Burn the debt card. lol Just kidding. Another family member has to pay it. |
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♥
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Good question. I would call your bank and ask. |
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baserunner316
 |
it depends on the debt. as far as I know most debt is cancelled as soon as you provide proof of death of the signatures of the debt. as far as I know discover card is the ONLY ONE that will go after your estate and make you pay any debt left by the deceased. please check with your accountant and the IRS about this. this inheriting debt is CRAP. with the rising costs of funerals alone people should be allowed to keep their inheritances. since you and your sibs are not signed on any debt you shouldn't be obligated to pay jack, but again, see your accountant, lawyer and irs. |
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Blond&Tall
 |
no idea.. but I would love to know this too. great question :) |
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uber nasty
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it goes to your family or a sponser your family had in the past. |
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