Most debt actually can’t be inherited, instead debt collectors get first dibs on inheritance assets until they’re made whole or the estate runs out of assets, whichever comes first.
That doesn’t mean that debt collectors won’t try to convince family members to pay. Just tell them where they can shove it.
My dad did this. Was almost 70k in unsecured debt at the time of his death. I gave most everything away except his fishing stuff. He had so much shit.
Only one credit card company said “it’s good you are taking over the payments”. Told her I never agreed to that, just informing you of his death, and if they contact me again my Saul level lawyer is going to enjoy that lawsuit. Never heard from them.
Aw damn, I’m glad you knew better, that’s downright predatory and should be illegal. You know there are people out there now paying their parents’ credit card bills, thinking that that’s just how things are. I hope that when those people find out, they are entitled to getting every penny back with interest.
And check your local inheritance laws. Some places will take pre-death gifts into account depending on how long the time between gift and death is. The UK, as an example, looks at gifts made up to 7 years before a person’s death. It’s messed up.
You can inherit their debt, but you can’t inherit their video games. What a time to be alive.
Most debt actually can’t be inherited, instead debt collectors get first dibs on inheritance assets until they’re made whole or the estate runs out of assets, whichever comes first.
That doesn’t mean that debt collectors won’t try to convince family members to pay. Just tell them where they can shove it.
At least in America, you can’t inherit debt.
You don’t inherit debt but they’re paid on the estate before inheritance.
So you can’t get just debt as inheritance, but debt are only lost for the creditor if the person who died had a negative net worth.
Exactly. You don’t inherit debt, because you can’t inherit stuff the person was only borrowing.
There goes my plan of maxing out credit cards on stuff to bequeath.
My dad did this. Was almost 70k in unsecured debt at the time of his death. I gave most everything away except his fishing stuff. He had so much shit.
Only one credit card company said “it’s good you are taking over the payments”. Told her I never agreed to that, just informing you of his death, and if they contact me again my Saul level lawyer is going to enjoy that lawsuit. Never heard from them.
Don’t ever assume the debt of someone else.
Aw damn, I’m glad you knew better, that’s downright predatory and should be illegal. You know there are people out there now paying their parents’ credit card bills, thinking that that’s just how things are. I hope that when those people find out, they are entitled to getting every penny back with interest.
If you’re gonna do that, give the shit away before you die.
And check your local inheritance laws. Some places will take pre-death gifts into account depending on how long the time between gift and death is. The UK, as an example, looks at gifts made up to 7 years before a person’s death. It’s messed up.
In France there is a limit, about 30k every 15 years. It’s not messed up, it’s necessary if we want inheritance taxes to have any weight.
Buy physical gold & hide it (and well, not just in the house).
What are they going to do? Sue your descendants for something they can’t prove?
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If there’s any debt collectors who think my parents owe them more than they owe me, I have news for them.
As of yet.
System is broken that’s for sure
You can’t inherit debt in the US.