Are children responsible for their parents debts???

jnielow

Dear All,

Hope everyone is ok!

I have a query I am married and we have 2 sets of parents like most!. One set is responsible with money, the other not so much. We know they have debts should anything happen to them (god forbid!) do these debts fall on our shoulders to pay as a rule, or are their different laws for different types of debt?

Your help would be welcomed!

Thanks

Jason

kelloggs36

Any debts should come out of their estate.

CLAPTON

if they die, their debts will be paid from their estate. if there is not enough money in the estate the debts die.
do they own property?

melaniec_2

prehaps you could subtly find out if they have any life insurance. If they have at least that would help cover the debts and reduce the impact on the estate.

whatatwit

I think life insurance (other than to plant you) when you have no dependants is a waste of money. IMHO

greenmoneysaver_2

Hello

I posted similar to this recently and got the same answers. the debt is taken from their estate, and if not enough there then the debt is not passed to the children.

The lovely person who replied also said beware that some lenders may try and chase you for the money in the hope you don't know the law, so be strong.

I was worried about a similar situation with an estranged parent and unsuccessful business, but feel better now!:T

jnielow

Many thanks everyone!

Jason

arthur_dent_2

I am not aware if things have changed now, but when I applied for my mortgage I had trouble finding a lender due to my parents financial affairs.

I think this was because of the address more than anything, but do beware.

CLAPTON

arthur_dent wrote:

I am not aware if things have changed now, but when I applied for my mortgage I had trouble finding a lender due to my parents financial affairs.

I think this was because of the address more than anything, but do beware.

yes things have changed.
your credit file only contains info about yourself and anyone financially linked to you (i.e. joint accounts). you aren't linked with people simply because you have the same address anymore.