Would I have to pay for the debts of my late parents?

[Fidelia1]

It is common in our world that people pass on and leave some debts behind. For one reason or the other, they didn't clear the debts before they unfortunately pass on.

Does it mean that the children would have to pay the debts? I thought they said that the debts of a person dies when the person dies. How true is that? What if the children are not financially capable of paying these debts? I personally would wish that offsprings are not obligated to pay the debts of their parents.

Feel free to share your opinions on debts repayments after a debtor passes on.

 

[King bell]

Usually, you will not have to use your own money to pay off a late person's debts. Generally, debts are settled from the assets of their estate. But there are situations in which you may be held accountable for this kind of obligation — like when you co-sign on a joint debt or if the assets inherited would otherwise go towards satisfying them. Probate deals with paying off creditors during the distribution of an individual’s belongings after they die; so it is best understood through legal counsel who can help ensure that one knows all their rights and obligations under the law fully before proceeding with anything specific about what should be done concerning such matters as these where parental liabilities are concerned, whether or not they should take advice from someone qualified in probate law having regard also to any relevant jurisdictional provisions