"I'm sorry you're dealing with this. Having a financially irresponsible parent creates real anxiety, and you deserve clarity so you can plan your own future. Here's the good news: You are not responsible for your father's debts when he dies. Period. Debts die with the debtor unless you've co-signed loans, have joint credit cards, or are a joint account holder. Don't do any of those things."
"Here's how the estate should handle any creditors: When your father dies, his estate pays his debts before anyone inherits anything. If he owes $100,000 and has $50,000 in assets, creditors get the $50,000 and that's it-they can't come after you for the remaining $50,000. Generally speaking, if his new wife inherits the house, creditors can't touch it unless they can prove she is in some way also responsible for his debts. However, she would also inherit any mortgage or loans that use the house as collateral and those would have to be repaid either by selling the property or by assuming the loan an"
You are not personally liable for a parent's debts after death unless you co-signed loans, are a joint account holder, or share joint credit cards. Creditors must be paid from the decedent's estate before any inheritance is distributed. If estate assets are insufficient, creditors generally cannot pursue heirs for the shortfall. Secured debts tied to property travel with the property and must be repaid, assumed, or the property sold. Beneficiary-designated and nonprobate assets often transfer outside probate and can be protected from estate creditors, but state rules and specific circumstances can alter outcomes.
Read at Slate Magazine
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