Legal Question in Wills and Trusts in Wisconsin
Inherited debt
My in-laws are deeply in debt and when they die, their assets will most likely not cover their debt. Will my husband and I be responsible for their debt? Is there any legal action I can take to prevent us from inheriting their debt?
Asked on 7/11/06, 12:01 pm
1 Answer from Attorneys
Thomas Schober
Schober Schober & Mitchell, S.C.
Re: Inherited debt
You will not be responsible for your relatives' debt when they die. However, their assets may be subject to their debts, meaning you may not inherit anything. Some planning may be done to protect some of their assets. A good estate planning attorney may help in this situation. This will depend on what they have and is only a suggestion, not a guaranty that there is a way to do this.
Answered on 7/11/06, 12:31 pm
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