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My parents and I are on good terms. That said, they couldn't be much more financially irresponsible.
My mother has been on disability for about 20 years and it's her income source. Dad has been self employed his entire life and only makes enough to pay the bills (by choice). His thirty year long, three-pack-a-day smoking habit is probably going to do him within the next ten years or so.
I don't know exactly how much, but I know they have sizable credit card debts. Every few months they'll get something new that they have no business getting and cannot afford.
So, what happens to their debt when they pass away? Will by brother and I incur any of it?
They don't own a home, have any savings, or any life insurance. They don't even have any burial/funeral policy.
Don't get involved in their debt issues. If they die with debt and don't own anything the debtors won't be able to collect. Cremation is cheap. Just let your dad know that he and your mother will be cremated. If he has something else in mind he'd better start saving for it now.
Wow you sound so caring about your parent. All you care about is not to get their debt. LOL,
Wow you sound like a jerk.
He doesn't sound uncaring at all, I think he sounds pragmatic. He's trying to figure out if he's going to get saddled with the horribly irresponsible choices that someone else is making. Whether or not it's his parents has NOTHING to do with it.
To the OP, the estate would be responsible for the bills, but unless you're on the CCs with your parents, you can't be hit up to pay them.
They don't own a home, have any savings, or any life insurance. They don't even have any burial/funeral policy.
I don't want to be paying for their poor choices.
You will have to pay for any funeral expenses, If there is any estate, the creditors have claim to that, but if they basically have nothing, that is what they have claim to.
My wife went through this with her mother several years ago. She had a bunch of CC debt, and the CC companies sent bills, wrote letters that were pathetic at best "I'm sure your family member would want you to pay their debt,, blah blah blah"
With a big red marker she wrote on the bill "DECEASED - NO ESTATE" and sent it back. That ended it right there.
Bottom line, if you didn't take out the debt, or co-sign, you have absolutely no obligation to pay the debt.
[quote=Asheville Native;7596611]You will have to pay for any funeral expenses, If there is any estate, the creditors have claim to that, but if they basically have nothing, that is what they have claim to.QUOTE]
This is absolutely accurate, nothing more to be said....
They can go after the Estate, but not after heirs...
You will have to pay for any funeral expenses, If there is any estate, the creditors have claim to that, but if they basically have nothing, that is what they have claim to.
My wife went through this with her mother several years ago. She had a bunch of CC debt, and the CC companies sent bills, wrote letters that were pathetic at best "I'm sure your family member would want you to pay their debt,, blah blah blah"
With a big red marker she wrote on the bill "DECEASED - NO ESTATE" and sent it back. That ended it right there.
Bottom line, if you didn't take out the debt, or co-sign, you have absolutely no obligation to pay the debt.
BINGO!
Reggie
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