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Can an Adult Inherit a Parent's Debts

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  • 10-03-2014, 03:31 PM
    tjm001
    Can an Adult Inherit a Parent's Debts
    My question involves estate proceedings in the state of: IL or NM
    The situation is an adult married child is concerned that they will have to assume their divorced parents debts after the parents death. Nothing is in the child's name. The parent is in considerable debt which clearly exceeds the value of the estate. Is there any reason for concern? The child is now in IL and the parent is in NM, but the parent may sell house and move to IL. Thank you.
  • 10-03-2014, 03:40 PM
    adjusterjack
    Re: Can Adult Inherit Parents Debts
    Given the scenario you've written, the answer is no.
  • 10-03-2014, 03:45 PM
    jk
    Re: Can Adult Inherit Parents Debts
    a child does not inherit a parents debt.


    there are a couple situations where a child can end up liable for a parents debt but it involves either acceptance of the liability or negligence in acting in a capacity where they would make financial decisions for the parent. A guardian, conservator, or agent in a power of attorney situation can, if they act improperly, cause themselves to become liable for a parent's debt but generally speaking, no, a child does not inherit a parents debt.
  • 10-03-2014, 03:50 PM
    llworking
    Re: Can Adult Inherit Parents Debts
    Quote:

    Quoting jk
    View Post
    a child does not inherit a parents debt.


    there are a couple situations where a child can end up liable for a parents debt but it involves either acceptance of the liability or negligence in acting in a capacity where they would make financial decisions for the parent. A guardian, conservator, or agent in a power of attorney situation can, if they act improperly, cause themselves to become liable for a parent's debt but generally speaking, no, a child does not inherit a parents debt.

    Even though many timeshare companies try hard to make it so...LOL.
  • 10-03-2014, 04:01 PM
    jk
    Re: Can Adult Inherit Parents Debts
    Quote:

    Quoting llworking
    View Post
    Even though many timeshare companies try hard to make it so...LOL.


    now that's funny.
  • 10-03-2014, 04:12 PM
    Lehk
    Re: Can Adult Inherit Parents Debts
    does anyone actually use and benefit from having a timeshare? except for the snakes* selling them I mean.

    *my apologies to the serpents
  • 10-03-2014, 04:18 PM
    jk
    Re: Can Adult Inherit Parents Debts
    Quote:

    Quoting Lehk
    View Post
    does anyone actually use and benefit from having a timeshare? except for the snakes* selling them I mean.

    *my apologies to the serpents

    I have an uncle that has enjoyed his in Hawaii. He doesn't use it very often which might be why he hasn't had any problems but...


    a friend had one in Cabo and seemed to be happy with the situation.



    I have a suspicion those might be the only two happy time share owners in the world but at least there are a few.
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