When you inherit someone's assets because they've passed away, do you also inherit their debt or is that considered a write-off by the creditors?
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When you inherit someone's assets because they've passed away, do you also inherit their debt or is that considered a write-off by the creditors?
When a person dies, his estate (if worth anything) should satisfy all debts and obligations before remaining assets are distributed to inheritors
I believe the estate has to pay the debits of the deceased off first. The remaining balance becomes inheritance. You are not reasponsible for any debits the the deceased accrued unless you were a cosigner.
Yes, most wills have a clause where all debts, expenses and such be paid before the bequests.
^^^Quote:
Originally posted by Weapon_R
When a person dies, his estate (if worth anything) should satisfy all debts and obligations before remaining assets are distributed to inheritors