What happens to your house/debt if you die?

Dannydee333

Thanks everyone, good to know.

Some might think I've horribly misunderstood it but I expressed my distaste at such an idea, even saying that it could not be legal, and they 'assured' me that it was all legal, and that my parents or closest family member inherited debt. They did then follow it up that they inherit my 'assets' and that could mean they get the house but if it's not paid off then what some of you outlined above would take place.

It won't even matter anyway, because I will have life insurance, but I did not like what I heard one bit, even if they did 'just happen to' word it poorly.

Mojisola

Dannydee333 said:

Some might think I've horribly misunderstood it but I expressed my distaste at such an idea, even saying that it could not be legal, and they 'assured' me that it was all legal, and that my parents or closest family member inherited debt. They did then follow it up that they inherit my 'assets' and that could mean they get the house but if it's not paid off then what some of you outlined above would take place.

It won't even matter anyway, because I will have life insurance, but I did not like what I heard one bit, even if they did 'just happen to' word it poorly.

I wouldn't be buying insurance from this person and so giving them commission.
Do some research and go with someone more trustworthy.

jimbo6977

Olinda99 said:

I have heard stories where families inherts (or is responsible for) debt when the person who dies owns a time share property but not sure how true this is

This was (is?) sort of possible under French law in the sense that a heritor could find themselves inheriting a share of a timeshare that they cannot legally sell or otherwise dispose of, so they remain responsible for service charges etc in perpetuity. Never heard of it in any of the UK jurisdictions. 

Olinda99

Thanks for that - interesting clarification

I have heard of people leaving their timeshares to charity and the charity refusing to accept the bequest !

Marcon

jimbo6977 said:

Olinda99 said:

I have heard stories where families inherts (or is responsible for) debt when the person who dies owns a time share property but not sure how true this is

This was (is?) sort of possible under French law in the sense that a heritor could find themselves inheriting a share of a timeshare that they cannot legally sell or otherwise dispose of, so they remain responsible for service charges etc in perpetuity. Never heard of it in any of the UK jurisdictions. 

The problem is usually the ongoing service charge if you accept the bequest. There are plenty of horror stories about retirement living properties where the 'lucky recipients' haven't been able to sell (because nobody wants to buy), but remain responsible for the service charges which make people so reluctant to buy.