Can you inherit a debt upon father's death?
Discussion
bass2rez said:
Does anyone know whether, as next-of-kin, you can inherit your father's debt upon their death? There are no joint mortgages or being named as a guarantor on any loan.
Many thanks in advance.
Cheers,
Steve
No, you cannot inherit debt BUT if he has debts they’ll have to be paid from his estate if the estate has money that is.Many thanks in advance.
Cheers,
Steve
bad company said:
No, you cannot inherit debt BUT if he has debts they’ll have to be paid from his estate if the estate has money that is.
That would have been my assumption, but thought I'd wait for someone who knows what they are talking about to provide the answer!Edited by sidicks on Friday 24th August 18:57
Many thanks for your replies. I should add, the estate is very small, a few thousand pounds at most, no house (or mortgage - rented property) and no car.
The funeral has been paid for, and there is some money left in the bank after that but may not be enough to cover all the bills that have arrived. This is the reason for my question.
Thanks,
Steve
The funeral has been paid for, and there is some money left in the bank after that but may not be enough to cover all the bills that have arrived. This is the reason for my question.
Thanks,
Steve
James_B said:
bad company said:
Why not?
Because it would be a debt taken on by a family member, which he would not have wanted to go unpaid.Why would you not?
bad company said:
How do you know the family member would have wanted the debt unpaid. Why should the op pay it? It’s not his debt so why pay it. I certainly wouldn’t.
Wanted it paid, not unpaid...Anyway, how would I know my father would want a debt paid? Strange question, it’s because I know him and what sort of man he is.
If, as your post suggests, you don’t know your father well enough to know such things then you have my sympathies, that can’t be nice.
To clarify, this is not my own fathers death, but one of a local friend. My own father died about five years ago and as he left my mother and myself when I was five years old, I would certainly not have paid any debt of his.
You cannot assume a family member is close enough to want to pay for any of their debts. If you are very close to your father, then that is fantastic and I can imagine you would do so out of a sense of duty and respect, but please do not assume that is always the case.
Thanks,
Steve
You cannot assume a family member is close enough to want to pay for any of their debts. If you are very close to your father, then that is fantastic and I can imagine you would do so out of a sense of duty and respect, but please do not assume that is always the case.
Thanks,
Steve
No. As posted, the debt comes out of the estate. If there is not enough to cover it, the creditor will have to write it off. If there are multiple creditors the debt is paid pro rata.
Were it a debt to a person, I could understand the desire to clear it. If it's a debt to a commercial lender, the death of the borrower without sufficient assets to clear it is a risk they accept as part of the costs of doing business and is priced into their business model.
Were it a debt to a person, I could understand the desire to clear it. If it's a debt to a commercial lender, the death of the borrower without sufficient assets to clear it is a risk they accept as part of the costs of doing business and is priced into their business model.
No matter how close you were to a family member that died, if they had debts I can’t understand why you would repay them
After death if the estate didn’t cover it. Big financial institutions don’t care about honour or good name or any other s
t like that. What difference does it make if your father dies owing a few quid?
After death if the estate didn’t cover it. Big financial institutions don’t care about honour or good name or any other s
t like that. What difference does it make if your father dies owing a few quid? James_B said:
bad company said:
How do you know the family member would have wanted the debt unpaid. Why should the op pay it? It’s not his debt so why pay it. I certainly wouldn’t.
Wanted it paid, not unpaid...Anyway, how would I know my father would want a debt paid? Strange question, it’s because I know him and what sort of man he is.
If, as your post suggests, you don’t know your father well enough to know such things then you have my sympathies, that can’t be nice.
Your last paragraph is at best crass. My father died when I was a child. As you say ‘can’t be nice’. It isn’t.
bad company said:
Paid/Unpaid? Who knows what he would have wanted but either way the op isn’t responsible.
Your last paragraph is at best crass. My father died when I was a child. As you say ‘can’t be nice’. It isn’t.
Ignore him, he’s an attention seeker. See, eg, his other thread on how his £200k wardrobes and cinema room are worth a fraction of his home 🙄Your last paragraph is at best crass. My father died when I was a child. As you say ‘can’t be nice’. It isn’t.
James_B said:
Wanted it paid, not unpaid...
Anyway, how would I know my father would want a debt paid? Strange question, it’s because I know him and what sort of man he is.
If, as your post suggests, you don’t know your father well enough to know such things then you have my sympathies, that can’t be nice.
In this hypothetical, if a deceased father is to be taken to have wanted an unpaid debt paid after his death, one might ask why he didn’t pay it before he died. Anyway, how would I know my father would want a debt paid? Strange question, it’s because I know him and what sort of man he is.
If, as your post suggests, you don’t know your father well enough to know such things then you have my sympathies, that can’t be nice.
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