Legal Question in Wills and Trusts in California
Parent's Debt
Hi,
My parents are divorced and both have tons of debt. I on the other hand have great credit and no debt. My biggest fear is that once they pass their debt will be passed onto me to pay off. Is this true?
4 Answers from Attorneys
Re: Parent's Debt
No.
Re: Parent's Debt
No! Why should that occur. You did not sign any of the contracts in which they received something in return for a promise to pay later for it. If parents could just transfer debts to their children so they did not have to pay them themselves, do you realize how many kids would be in deep debt? You can not even "give"
someone debt by giving it to them in a Will. You can give them a piece of property subject to various debts and if the debts run with the property as opposed to being just personal debts, you can not take one without the other, but you can not force someone to take on an obligation they do not want to. You might want to see if you can help them get out of their debts, such as declaring bankruptcy; that may come in very useful down the road when they want to borrow money from you and insist that you have to help them, but they refused your help before.
Re: Parent's Debt
Not at all, unless you co-signed for some of the debt personally. The advise from George Shers should be well taken. He is totally correct.
Re: Parent's Debt
Your ok, you dont take their debt.
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