What's the best way to guarantee you don't have to pay off your parents' debt when they pass?

Question

Trust me, I'm not insensitive. I just mind my finances and I get frustrated that my in-laws don't. We don't want our immediate family to encounter financial ruin because of their mishandlings.

Answer 1

You cannot be responsible for any debt if your name is not on them.  You just submit the death certficate to the company trying to collect.

Answer 2

People don't have to pay the debts of their deceased relatives UNLESS they have cosigned for the debts.  Any debts are paid by the estate of the deceased.  If there is not enough cash to pay the debts, then any property owned by the deceased will have to be sold to pay the debts.  If there is any money left after the debts are paid, it will go to the beneficiaries of the estate.  If there is not enough money to pay all of the debts, then those debts will go unpaid but the family is NOT responsible for paying them.

Answer 3

The only way that you would be responsible for anybodies debt is if you co signed for that particular debt so worry not my thrifty saver.  

Answer 4

I'm not an expert on this, but I would suggest you take a tour here,there are expert's tips over there.http://debt-relief.expertips4u.info/debt...

Answer 5

As long as your name is not on any of the debts, you will not be liable.  Debts will pass into the estate and not beyond.  While your in-laws debts may cut down on your inheritance, they won't affect your budgets, so let them live it up.

Answer 6

You NEVER have to pay your parents' debt.  You pay what you can out of their estate (which will reduce what you inherit).  A child is not responsible for a parent's debt.