ANSWERS: 12
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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.
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No.
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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.
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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.
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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.
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Depends on whether that person left a will, and on what the debts are...you need to consult an attorney before you do anything
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Not if their name is not on any of the accounts. The estate owes the bills, however.
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It depends on the debt. That's one of the reasons for insurance - life insurance for more.
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no, his lawyer will handle that but it does come out of the estate
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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!
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Your estate is responsible for any and all debt. Visit www.TheNotarySigners.com for Estate Planning tips and insights.
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His debt will be paid out of his estate before anything is distributed to his heirs.
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