by katydid15 on September 1st, 2008

katydid15

Question

Help answer this question below.

If someone dies with a lot of debt, are his children responsible for paying off the debt?

  • Like
  • Report

Answers. 12 helpful answers below.

  • by Cyanotic Wasp on September 1st, 2008

    Cyanotic Wasp

    In a word, no.

    However ... if the debt is secured debt pledged to collateral, such as a mortgage on a home, for example, then the heirs also don't get to own the collateral free and clear, either. That's why people buy mortgage insurance.

    • Like
    • Report

    3 comments | Post one | Permalink

  • by Outta here on September 1st, 2008

    Outta here

    That's a good question. "add points" Lot's good answers. "add points" I guess the answers change from state to state. Check out the laws in YOUR state!

    • Like
    • Report

    1 comment | Post one | Permalink

  • by TERRYTUKER on September 1st, 2008

    TERRYTUKER

    no, his lawyer will handle that but it does come out of the estate

    • Like
    • Report

    1 comment | Post one | Permalink

  • by BigDaddyBS on September 1st, 2008

    BigDaddyBS

    It depends on the debt.
    That's one of the reasons for insurance - life insurance for more.

    • Like
    • Report

    No comments. Post one | Permalink

  • by Someguy on September 1st, 2008

    Someguy

    Not if their name is not on any of the accounts. The estate owes the bills, however.

    • Like
    • Report

    No comments. Post one | Permalink

  • by Lazs Mouse on September 1st, 2008

    Lazs Mouse

    Depends on whether that person left a will, and on what the debts are...you need to consult an attorney before you do anything

    • Like
    • Report

    No comments. Post one | Permalink

  • by Estate Planner on October 5th, 2009

    Estate Planner

    Your estate is responsible for any and all debt. Visit www.TheNotarySigners.com for Estate Planning tips and insights.

    • Like
    • Report

    No comments. Post one | Permalink

  • by CaptainHarley adores his life penguin on September 1st, 2008

    CaptainHarley adores his life penguin

    No, they are not resposible unless they signed for their father to borrow money.


    It sounds to me as if you could use the advice of a lawyer.

    • Like
    • Report

    2 comments | Post one | Permalink

  • by Pandora on September 1st, 2008

    Pandora

    Usually any and all debts are paid off through the estate before the heirs would recieve their share. If it is more extreme debt I believe it would be collected from the family.

    • Like
    • Report

    3 comments | Post one | Permalink

  • by Will on September 1st, 2008

    Will

    No.

    • Like
    • Report

    No comments. Post one | Permalink

  • by CogitoErgoCogitoSum on September 1st, 2008

    CogitoErgoCogitoSum

    No. Not in the US. No one is responsible for anothers debts.

    The exceptions are marriages and joint financial responsibilities... jointly owned property can be used to pay debts off.

    • Like
    • Report

    1 comment | Post one | Permalink

  • by Thriftymaid on October 6th, 2009

    Thriftymaid

    His debt will be paid out of his estate before anything is distributed to his heirs.

    No comments. Post one | Permalink

Want to attach an image to your answer? Click here.

Did this answer your question? If not, then ask a new question or create a poll.

You're reading If someone dies with a lot of debt, are his children responsible for paying off the debt?

Follow us on Facebook!

Related Ads

ANSWERBAG BUZZ

What happens to a mortgage when someone dies
When someone dies who is responsible for their debt
If someone dies is their trust responsible for a mortgage
When the state seized an estate after someone dies without a will
What happens to mortgage when someone dies