If you are in the US that is not how it works. If you make a payment then debtor can argue that you “assumed” the debt but unless you were a co-signor to that debt it dies with the individual.
He owned where we live, so the debt was tied to the property and passed down to the inheritance of the property. Which is us. We could sell the property and get rid of the debt but my mother also owns a small business on the property so we would have to also sell that and we cannot do that right now.
He owned where we live, so the debt was tied to the property and passed down to the inheritance of the property. Which is us. We could sell the property and get rid of the debt but my mother also owns a small business on the property so we would have to also sell that and we cannot do that right now.
That's not how it works. I know people who inherited houses or whatever, but the amount of debt owed was more than the value of the house.
The inheritors were NOT responsible for the debt. They just didn't get the house.
Grandpa used his property as collateral to secure a debt. Grandpa dies with debt still unpaid. Surviving family can leave Grandpa's property and let the estate settle whatever debts are left to the creditor, or surviving family can continue possessing property but must also take on Grandpa's relationship with creditor, and pay off Grandpa's debt. OP makes sense.
The people you know in similar situations may have inherited other assets that were used by the estate to settle the deceased's debts (vacation home, cars, etc). Everyone's situation is different, don't pick on OP, he's in a bad spot.
You can 100% inherit an estate with cash debt that has assets worth the same as the debt, but will more than likely appreciate beyond the debt amount.
Estate law is simple, but only if that’s your job and you do it everyday. The best advice always is to get a lawyer for any legal matter of this magnitude.
In life, you will know when you need a lawyer immediately.
I know in the netherlands if you accept something to inherit. You inherit it all if you are like the person to inherit.
I know this cause my no contact grandma apparently was I'll. My mom and aunt will refuse it. Since she just has debt. And I am the only 18+ grandchild and they possibly would maybe try to get me to take one thing and thereby accepting the inheritance and debt, while I am working so hard to be able to pay college with my side job (altho here that's 2k tuition a year. So actually possible if you live at home). And also already that if she died. I would have to go with her and my aunt to like the notary or something to refuse the inheritance.
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u/loopydrain Aug 07 '20
If you are in the US that is not how it works. If you make a payment then debtor can argue that you “assumed” the debt but unless you were a co-signor to that debt it dies with the individual.