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  1. #1
    Join Date
    Feb 2007
    Posts
    2

    Question Can you inherit debt from a parent

    Hope I'm in the right section. I have searched for the answer on the internet, but not found conclusive answer to our exact situation.

    My mother in law recently got very ill, so my wife, in order to help out, joined herself to her mother's checking account, in order to help pay bills out of it. It should be noted that there is a substantial equity loan with the same bank, connected.

    After starting to look through her mother's financial situation, we found that her mother has a severe gambling issue, which means she has several loans and credit cards, eating up most of the value of her house. We are worried that if this goes on, she will end up in a situation where her assets won't cover her debts when she passes away.

    Since my wife's name is now on her checking account, will her creditors deem this to mean we assume responsibility of any of her debt? I understand any money in the actual checking account would go to pay debts, but I'm worried the connection follows through to her sizable equity loan as well...

    If we are in a risky position, will it help to have my wife removed from the account, and if so, is there a way my wife could still help manage the bills for her mother, without jeapordizing us?

    PS: We live in Illinois, while her mother currently lives in Florida.

    I appreciate any answer provided.

    Thanks

  2. #2
    Join Date
    Jul 2006
    Location
    Bikini Atoll
    Posts
    163

    Default Re: Can we inherit debt from parent?

    Quote Quoting tomes
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    Hope I'm in the right section. I have searched for the answer on the internet, but not found conclusive answer to our exact situation.

    My mother in law recently got very ill, so my wife, in order to help out, joined herself to her mother's checking account, in order to help pay bills out of it. It should be noted that there is a substantial equity loan with the same bank, connected.

    After starting to look through her mother's financial situation, we found that her mother has a severe gambling issue, which means she has several loans and credit cards, eating up most of the value of her house. We are worried that if this goes on, she will end up in a situation where her assets won't cover her debts when she passes away.

    Since my wife's name is now on her checking account, will her creditors deem this to mean we assume responsibility of any of her debt? I understand any money in the actual checking account would go to pay debts, but I'm worried the connection follows through to her sizable equity loan as well...

    If we are in a risky position, will it help to have my wife removed from the account, and if so, is there a way my wife could still help manage the bills for her mother, without jeapordizing us?

    PS: We live in Illinois, while her mother currently lives in Florida.

    I appreciate any answer provided.

    Thanks
    As long as your wife does not make herself a guarantor of her mother's debts, she is not responsible for them.
    My mother in law recently got very ill, so my wife, in order to help out, joined herself to her mother's checking account
    How did your wife add herself to her mother's checking account?

    What is MIL's mental capacity?

  3. #3
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Can we inherit debt from parent?

    Q: Since my wife's name is now on her checking account, will her creditors deem this to mean we assume responsibility of any of her debt?

    A: The creditors will try to make y'all think so. Tell them to bite rocks.



    Q: If we are in a risky position, will it help to have my wife removed from the account, and if so, is there a way my wife could still help manage the bills for her mother, without jeapordizing us?

    A: I don't think you are in jeopardy, as long as you don't agree to pay anyone else's bills (including ma's).

  4. #4
    Join Date
    Feb 2007
    Posts
    2

    Default Re: Can you inherit debt from a parent

    Thanks for both replies!

    I'll have to ask my wife exactly how she did it, but I know she went in to the local bank manager, and got her name on the checking account, so she could assist her mother in paying bills.

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