Legal Question in Credit and Debt Law in Michigan
repay laons after death
if my daughter dies am I responsible for her student loans? She is 29 years old and in law school
3 Answers from Attorneys
Re: repay laons after death
the simple answer is no. but, if she had any assets in her name only, then it would be a probate estate. contact my office for a free phone consultation and I will give you greater details. regards, Tim Klisz
Re: repay laons after death
Only if you guaranteed payment in writing on the loan agreement.
Re: repay laons after death
Your issue is a common question. A person is not ever responsible for the debt of another unless they are a party to the contract somehow. They would have to sign a contract regarding that debt.
You may end up paying in a round about way. If you daughter had assets, then subject to her will, upon her death, they would be liquidated and the proceeds would be used to pay her debt. Therefore any share you might be entitled to take as an heir, would be reduced.
If you would like additional information, please contact me via my website at www.lawrefs.com.
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