Advice Please

battyboimatt

Hi all, just wondering if anyone can help, we have just found out that my dad has months not years to live with cancer, why are men so stubborn and keep these things to them self, all he says, I don’t want you all to worry, anyway after discussion he wants the house to stay in the family and so I will inherit it upon his death something I imaged to be some 10 - 20 years away, he is only 56 my question is my dad has about 8k of debt on various credit cards and his not in a position to pay them all off to which I have told him not too worry about, more important things to do like spending time with the family and such, when he dies and I get the house which is the only asset and will be the whole estate, will I then be responsible for his debt ? Or will the majority of his cards write it off? I’m not sure so just wanted to put some feelers out, many thanks everyone

Mozette

I believe that the card companies will be able to claim against the estate, so if there is a house, then his debt would have to come out of that.
You will not be liable for the debts, but your father's estate will be.

battyboimatt

So if it comes from the estate, I would therefore become responsbile for it,as im getting the estate the house, would they make me sell, or mortage or hmmm good points, anyone had any similar or know what happens

Mozette

Sorry, I'm editing this to try & explain better.

There is "the estate", in this case the house. Then there are debts - the credit cards - and you will inherit the residue of the estate, which is, in theory the proceeds of the estate, after the debts are settled.

However, I'm sure all the credit cards will be bothered about will be getting their money, so if you said that you were willing to settle the debts by getting a loan/mortgage or whatever but wanted to keep the house, I'm sure they would be fine with that.

So long as they get their money, I'm sure that is all that will concern them.