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Who is responsible for an adult child's debt after their death?
Wiki User
∙ 14y ago
Provided the "child" is really an adult, check your state laws but generally 18 or 21, their estate is responsible for paying their debts after death. If they owed more than the total owed to all creditors at death, then the creditors are paid proportionately out of the estates assets. Any unpaid balance once the estate is empty the creditor has to write-off. No one else is responsible for these debts. If, on the other hand, a parent or family member co-signed for them, then the creditor can hold the co-signer responsible, but only for that account.
Wiki User
∙ 14y ago
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Would a parent be responsible for their deceased adult childs debt in NY state?
NO
Who is responsible for a persons debt after death?
The person who the will go with.
Is a surviving parent responsible for deceased adult child's debt?
ONLY if the Parent Co-Signed for the Debt. Otherwise NO.
Are minor heirs responsible for debt after death?
Heirs are not responsible for any debt. The debt is the responsibility of the estate. If there are not adequate assets, the debtors don't get paid and the heirs will not receive anything.
Can an adult child inherit a parents debt if there are no assets?
The estate will be responsible for the debts. A child is not responsible unless they co-signed for it.
Can a parent be held responsible for a minor child's debt?
Yes a parent can be held responsible for a minor child's debt if the parent co-signs on a loan with the child. For credit cards, if the child is an authorized user on a parent's account the parent is also responsible for this debt.
Do adult Children have to pay the credit card debt after the death of last parent?
The estate is responsible for the debts of the deceased. If there are any assets they must be used to pay the debts. If not then the creditor is out of luck.
Who is responsible for School debt after death?
The borrower, i.e., the person who signed the note, is responsible for payment. If the borrower has died their estate is responsible. If there is no estate the creditor is out of luck. If there was a co-signer then they will be held responsible for paying the debt.
Are adult children responsible for deceased parents debt in Minnesota?
Not unless they co-signed for the debt. The estate is responsible for any remaining debts. If there is not enough in the estate to cover them, someone will not get paid.
Are the parents of a deceased adult child with no estate responsible for paying unpaid debt?
No, if they were not joint debtor's with the deceased they are not responsible for any of his or her debts.
Are the surviving adult children responsible for deceased parent hospital debts in missuouri?
The Estate is responsible for any debt. So, for example, if they die and have $100,000 in the bank, that pays their debt before any money goes to the children. But the limit of the debt is/are the assets of the deceased. So if they have no money, the debt is NOT passed on to the children. Any money that comes as a result of the death MAY be required to be applied to the debt. The funeral expenses come first, then hospital expenses, then other debt. However, if there is a wrongful death suit, or insurance payout, you should check with a licensed attorney in your state.
Are adult beneficiaries responsible for deceased parents debts?
No, you are not responsible for their debt. The only person legally responsible for a debt is the person that signed the contract for the debt. It doesn't matter if your dead parents left you money. Collection agencies cannot legally collect someone else's debt from you - but they will try. See the FDCRA to know your rights in debt collection.
