When a family member or parent dies is credit debt transferred to a living child or relative?

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Alena B	yes it does the money you have in there is safe Was this answer helpful to you? Yes / No

lovely one	If you mean would a living child or relative be responsible for a deceased parents debts the answer is no. When my mom passed away I took care of all the arrangements(she had insurance), paper work, and everything she left behind. What I was not responsible were her doctor bills, credit cards etc. The IRS sent me notices of money owed by her for six years until I got smart and sent them a copy of her death certificate. Companies will always try to make someone else pay but legally you don't have to unless you signed something that said you would. Was this answer helpful to you? Yes / No

Rebecca	No. The only reason you would be liable for the debt is if it were a joint account. If your spouse dies, you may be liable for his debt if the debt was incurred during the span of the marriage. Was this answer helpful to you? Yes / No

c4jc2001	Only if the relative is on the "account" with that person. The person's estate is responsible for payment of debt. Was this answer helpful to you? Yes / No

Mom	It certainly is. Any debts are taken out of the estate, if there is not enough money in the estate to cover the debts, then yes it is passed on to next of kin. There is certain insurance you can buy, like when buying a car you can pay extra for insurance that if you die the car is paid off. There are certain things you can buy that carries this kind of insurance. You can file a bankruptcy on the estate. Best thing to do is like my father has done. He has all his property in a savivorship. Mine and my brothers names are on all his property. So when he dies, it is automatically ours. No taxes and does not go into estate. So cant be sold to pay off bills. But the property has to be on the surivorship for at least 3 yrs before it is legal. Some states may do this differently. Was this answer helpful to you? Yes / No

nimmi	As far as I know, the credit debt is only between the husband and wife. So it would neither be transferred to a living child nor the relatives. Was this answer helpful to you? Yes / No

jesse james	no thank god it only goes 2 there married couple person Was this answer helpful to you? Yes / No

boser3	Sorry to say, but yes, it is true. Any money, or property that is due the child, the will be taken away, to satisfy the debt owed to whom-ever it is owed to. Was this answer helpful to you? Yes / No

blkrose65	no. you have to report the death of the credit card owner to the credit card company. the debt is transferred only to other cardholders on the same account. former credit card call center worker..... Was this answer helpful to you? Yes / No

a99blkdog	only husbands and wives. they could come after a parent for an under 18 chjlds account. Was this answer helpful to you? Yes / No

sndtrkman	Most of the time yes but you can avoid all of this by making sure that your will covers this. All you have to do is sign some legal documents to make sure that the debt is frozen the moment that person passes away. Was this answer helpful to you? Yes / No

papricka w	No the debt of a deceased person is not transferred to other family members. However, it should be paid out of the deceased persons estate. Was this answer helpful to you? Yes / No

Jen	If the person's husband or wife is still alive they would be held responsible or a living child Was this answer helpful to you? Yes / No

katzchen75	Only if your name is also on the account - which it probably wouldn't be. Was this answer helpful to you? Yes / No

Alexander Shannon	In almost all instances - the deceased estate (everthing they owned) is sold off to pay off the debts. If that doesnt pay it - the debtors have a loss and cannot persue relatives. If the deceased was married and survived by a spouse - the spouse is liable for the debts. If the deceased was not married, the ONLY way a child can be held responsible is if they were cosigners on any debts - and even then ONLY for the debts they cosigned on. Was this answer helpful to you? Yes / No

--------	no! Was this answer helpful to you? Yes / No

Paris Flea	No. Was this answer helpful to you? Yes / No

?	neither, if the credit co. start hassling you just send them a death certificate of the deceased Was this answer helpful to you? Yes / No

tiravellian	I believe it goes to that persons estate. Was this answer helpful to you? Yes / No

flowerspirit2000	NO Was this answer helpful to you? Yes / No

Z and Glory's Mama	Every state has it own set of rules about what someone inherits. But I found this site below for you and it seems to fit over the whole USA. In short, no you don't inherit your parents debt. The estate pays it and then the kids can have what's left after all debt is paid. If iin doubt, most attorneys will let you have a 30 minutes free counseling session and you could ask that question as it pertains to your state. http://www.bcsalliance.com/y_debt_parentsdebt.html Was this answer helpful to you? Yes / No

# one	When my husband died I was not responsible for any debts that did not have my signature on it. When my father-in-law died the debts and credits he had goes to the inheritors of the will. All debts are taken care of first then the assets remaining are divided up according to the will. Was this answer helpful to you? Yes / No

pintu	CREDIT GONE TO A LIVING CHILD Was this answer helpful to you? Yes / No

?	No Was this answer helpful to you? Yes / No

jude2918	The estate owes the bill. It should be paid from the assets of the estate. If the debt exceeds the assets you are not liable yourself. You just will not inherit anything of value. Was this answer helpful to you? Yes / No

Gothic Girl	i think so.. like if your name is on your parents then yeah i know that it would go to you or your husband/wife Was this answer helpful to you? Yes / No

Phil R	Debt is the obligation to repay money loaned to the decedent. Unless the living child is somehow also obligated, (is a co-signer on the credit card, mortgage, etc) then the debt is not the living child's responsibility. HOWEVER, that does not mean that the living child will not pay, indirectly. When they die, the assets they leave behind are called their estate. If they had a will, the will will (usually) direct that all debts, taxes, fees, etc be paid from the estate. Therefore, any assets of the estate will be liquidated to pay debts and taxes first. After that, the remainder of the estate will be distributed according to either the will, or the laws of intestacy of your state. Without more infomation it is impossible to guide you further. You should contact a probate attorney in your state for specific guidance on this situation. If you need an attorney and don't know one, contact your local or state bar association for a referral. Was this answer helpful to you? Yes / No

Wish	yes all debt including monies owed to the IRS are transfered over to the next of kin, some debts such as credit card can be taken care of by the death certificates others will not Was this answer helpful to you? Yes / No

NATIVE NEW YORKER	unless someone was stupid enough to co-sign the answer is NO in all 50 states and don't let them scare you into believing anything else Was this answer helpful to you? Yes / No

barbaras_riverbend n	mine didn,t so I don,t think it would. Was this answer helpful to you? Yes / No

Mama Pastafarian	Unless someone else is a cosigner or coapplicant on the account, no one else will be responsible for the debt. The assets of the estate will be used to pay any outstanding debts before any of the heirs can be given anything. This is true even if the person left a will leaving money to anyone. If there are not enough assets to pay all the debts, those debts will be written off by the creditors. Simply send a certified copy of the death certificate to the creditors with a letter saying there were no assets to be distributed to the creditors or heirs. If the debt is for a secured loan, such as a house or vehicle or other loan that used collateral, the debt must be paid or the property must be given to the creditor. Was this answer helpful to you? Yes / No