If a parent passes away with no assets or will are the children responsible for their debts?

Mackey Nice to see you around and thanks for adding on the extra info Have a great weekend! Marcy No, only the surviving mate would be responsible. Parents debts are not their children's debts and vice-versa.

If your parent owned a car and owed some debts the car would be sold to pay as many as the debts as possible, but other than that the IRS and creditors are going to have to write-off those debts Marcy In addition, all states have probate laws which determine what assets belonging to the deceased(s) are to be used to repay debts. All assets and debts are audited and filed in the probate court of jurisdiction by the appointed executor or executrix. Creditors are notified that they have a specified amount time to file a claim (generally 6 months) against the deceased's estate.

All debts must be paid according to there priority and to the extent of the non-exempt assets that can be used for repayment. No property or assets will be distributed to surviving family members until this has been done When a person dies intestate, the state probate succession laws apply to the distribution of assets and/or real property that remains after debts have been satisfied. The same laws apply when there is a will, all nonexempt assets must be used to repay debts owed by the deceased before any inheritance is distributed to named beneficiaries.

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