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| *The Commerce Journal>>>Insurance |
Does an only child become responsible for a parents debts when they die? |
Does an only child become responsible for a parents debts when they die? 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 they cosigned a loan or credit card with them. However, if the parents leave behind an estate, creditors can attach this. That's a good question. Don't have an answer but I surely do hope not! I have a little boy and I pray that before I'm gone I've managed to take care of EVERYTHING keeping my son debt free if law happens to prove that he is responsible. I think just to be safe, life insurance would be your best bet. I've also decided to be cremated (figure it's cheaper). No. Debt is not inheritable. No, as far as I know, the family members take care of all the costs and debts during and after the funeral. If the child is old, then he should be working and the payment of the bills are left to his care. No, the parents' estates are responsible for debts - which may reduce the remainder that can be inherited by the child. However, the child is not responsible for their debts unless he/she is a coborrower or cosigner for them. |
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