If Mom or Dad dies, do I inherit their debts?
I’m Steve Kramer. I’m a Florida estate planning and probate attorney. And people often have
questions about what happens once their parents die. Do they inherit their parents’ debts?
And the answer is debt doesn’t really pass from your parents to you. Now, what does happen
is if your parents go through a probate, creditors can come in and they can claim a piece of
the estate. So if your parents had assets, well, the creditors can take some of those
assets away. But you don’t inherit the debts themselves. And it’s, you know, potential
that, you know, your parents might have a $100,000 dollars in assets and $200,000 dollars
in debts. Well, you know, at the end of the day you might not inherit anything because
there were more debts than assets but you don’t owe anything. Now the only kind of exception
to this is let’s say if your parents owned a house and that house has a lien on it. Well,
you know, in that process you would inherit the house, but you’d also inherit the house
with the debts that are on it. So that would play a role. But you know, you don’t have
to do that. You don’t have to accept that, you can refuse the property if that was in
your interest. And that’s important to know because a lot of people are confused about
the estate planning and probate process, and they have questions about it, and I deal with
this stuff all the time, day in day out. And if you need any help with this or any other
legal issue, I’m ready to help. That’s why we’re one firm for life. We’re ready to help
with anything. So give me a call, pick up the phone. Thanks for watching, I’m Steve