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Can debt be inherited

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  • 17-09-2013 11:39am
    #1
    bianca_bianca
    Registered Users Posts: 26 ✭


    If a persons parents die and the parents were in huge debt, would the children then be responsible for this debt or does debt die with a person ? Thanks


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    #2
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    There are different kinds of debt. Mortgages for example are thusly named because they originally expired with death. This may not be the case now tho depending on small-print, did someone else act as guarantor and so on. So some debt may be attached to the estate, others may not.

    So your question is too vague as to be answered unfortunately.


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    #3
    who is this
    Registered Users Posts: 500 ✭✭✭who is this


    Only the estate will be liable. i.e. the inheritor can at worst receive nothing. They can't inherit the debt itself. Normally, anyway.


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    #4
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Ok that's a much better answer! As the above said, the estate can be reduced to zero - which is pretty lousy but better than a negative number!


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    #5
    who is this
    Registered Users Posts: 500 ✭✭✭who is this


    srsly78 wrote: »
    Ok that's a much better answer! As the above said, the estate can be reduced to zero - which is pretty lousy but better than a negative number!

    Unless the inheritor agreed they can be held liable for a given debt (i.e. they were a guarantor as mentioned above) it would obviously be entirely unfair to impose upon them a debt of which they didn't get any benefit, and which they didn't agree to assume.

    Though it would be a great way to seek vengenance on any enemies who outlive you...


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    #6
    dats_right
    Registered Users Posts: 1,168 ✭✭✭dats_right


    The estate will remain liable for any lawful debts of the deceased, which must be discharged before the beneficiaries can receive any gifts. If there is insufficient monies in the estate to discharge the deceased's debts then that is tough luck for the creditors.


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