Legal Question in Wills and Trusts in New York
When a parent dies can their debt be passed on to children ?
If a parent dies with an outstanding debtload
that will not be covered by assets can the
debts be passed on to the children or other
living relatives of that parent -whether in the
will or not ?
Asked on 3/04/00, 8:19 am
1 Answer from Attorneys
Meg Rudansky
Meg Rudansky, Esq.
Re: When a parent dies can their debt be passed on to children ?
If the debts of a decedent are greater than the assets in his or her estate, then the estate is considered to be an "insolvent estate." Certain debts are given priority and are paid first. If there are insufficient assets to cover all the debts, they will remain unpaid. The creditors can not go after the individual assets of the children in order to satisfy their claims.
Answered on 3/31/00, 8:58 am
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
