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Are children responsible for a parents debt after their death in Colorado?
Wiki User
∙ 12y ago
No. The dead persons belongings - house, car, money bank accounts, shares, jewellery - (everything they had when alive that was theirs) forms what is called the deceased's 'estate'.
The person who is appointed to look after the estate (the executor) should use the funds in the estate to pay any debts that the dead person had (BEFORE ANYBODY INHERITS ANYTHING).
If the money in the estate is not enough to meet the debts then this is hard luck on the people who are owed money.
The debt does not pass to the children.
Wiki User
∙ 12y ago
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