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by Cyanotic Wasp on September 1st, 2008
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.
by Outta here on September 1st, 2008
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!
by TERRYTUKER on September 1st, 2008
no, his lawyer will handle that but it does come out of the estate
by BigDaddyBS on September 1st, 2008
It depends on the debt.
That's one of the reasons for insurance - life insurance for more.
by Someguy on September 1st, 2008
Not if their name is not on any of the accounts. The estate owes the bills, however.
by Lazs Mouse on September 1st, 2008
Depends on whether that person left a will, and on what the debts are...you need to consult an attorney before you do anything
by Estate Planner on October 5th, 2009
Your estate is responsible for any and all debt. Visit www.TheNotarySigners.com for Estate Planning tips and insights.
by CaptainHarley adores his life penguin on September 1st, 2008
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.
by Pandora on September 1st, 2008
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.
by Will on September 1st, 2008
No.
by CogitoErgoCogitoSum on September 1st, 2008
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.
by Thriftymaid on October 6th, 2009
His debt will be paid out of his estate before anything is distributed to his heirs.
How much do attorneys receive in an estate in Kansas?
by Answerbag Staff on August 18th, 2010
| 1 person likes this
Do minors have rights to take heir property when theres a mortage that is being paid by another listed heir?
by beauty38116 on December 2nd, 2011
| 1 person likes this
Does North Carolina recognize wills from other states?
by Answerbag Staff on August 18th, 2010
| 1 person likes this
How do I administer an irrevocable trust?
by Answerbag Staff on August 15th, 2010
| 1 person likes this
I need to rewrite my living will. Please remind me what I had chosen to give you. Thanks!
by genericdust on September 20th, 2011
| 2 people like this
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Comments
Good to know, thanks.
by katydid15 on September 1st, 2008
mortgage insurance aint cheap, either.
by DudeLer 2 on September 1st, 2008
Hi, I posted a somewhat similar question regarding a tragic incident which occured a few months ago near where I live:
http://www.answerbag.com/q_view/883223
All the local newspapers have reported that their 2 college-age children may now be in danger of having the family home seized from them, but luckily money is being raised for them through Facebook and other websites. Apparently the government is not obligated to provide financial compensation for them unless they're under age 18, and/or suffering from medical condition that requires around-the-clock longterm care :(
by Born1973 on December 18th, 2008