My dad left behind $2M in debt, and my mom and brother said, "You take on all the debt.

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@khng4455 Ай бұрын

A good dad and good daughter vs A evil and selfish mother and son gang. Blood ties can mean nothing to the evil.

@davidjolin1798 Ай бұрын

If its not their debt then they are not obligated to pay it off thats how it works here in the UK generally the debt dies with the debtor

@davedixon2068 Ай бұрын

I suggest you check out what happens on death in the UK, I just did a quick Google check and on death your estate is liable for your debts, (which was what I thought) so if you are expecting all your debts to disappear when you die your family might get a shock, as things like personal loans and mortgages are able to claim on the estate. Your family will not be personally responsible for your debts (except in certain circumstances) but your estate will be, so they will receive what is left after any debts are paid off. As I say you might like to check it out it is quite involved.

@Hopium-kj3ij Ай бұрын

In the U.S., as I understand it, "...𝘞𝘩𝘦𝘯 𝘴𝘰𝘮𝘦𝘰𝘯𝘦 𝘥𝘪𝘦𝘴 𝘸𝘪𝘵𝘩 𝘢𝘯 𝘶𝘯𝘱𝘢𝘪𝘥 𝘥𝘦𝘣𝘵, 𝘪𝘧 𝘵𝘩𝘦 𝘥𝘦𝘣𝘵 𝘯𝘦𝘦𝘥𝘴 𝘵𝘰 𝘣𝘦 𝘱𝘢𝘪𝘥, 𝘪𝘵 𝘴𝘩𝘰𝘶𝘭𝘥 𝘣𝘦 𝘱𝘢𝘪𝘥 𝘧𝘳𝘰𝘮 𝘢𝘯𝘺 𝘮𝘰𝘯𝘦𝘺 𝘰𝘳 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘺 𝘵𝘩𝘦𝘺 𝘭𝘦𝘧𝘵 𝘣𝘦𝘩𝘪𝘯𝘥 𝘢𝘤𝘤𝘰𝘳𝘥𝘪𝘯𝘨 𝘵𝘰 𝘴𝘵𝘢𝘵𝘦 𝘭𝘢𝘸. 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘰𝘧𝘵𝘦𝘯 𝘤𝘢𝘭𝘭𝘦𝘥 𝘵𝘩𝘦𝘪𝘳 𝘦𝘴𝘵𝘢𝘵𝘦. 𝘐𝘧 𝘵𝘩𝘦𝘳𝘦 𝘪𝘴 𝘯𝘰 𝘦𝘴𝘵𝘢𝘵𝘦, 𝘰𝘳 𝘵𝘩𝘦 𝘦𝘴𝘵𝘢𝘵𝘦 𝘤𝘢𝘯'𝘵 𝘱𝘢𝘺, 𝘵𝘩𝘦𝘯 𝘵𝘩𝘦 𝘥𝘦𝘣𝘵 𝘨𝘦𝘯𝘦𝘳𝘢𝘭𝘭𝘺 𝘸𝘪𝘭𝘭 𝘯𝘰𝘵 𝘣𝘦 𝘱𝘢𝘪𝘥." The story in this video perplexes me, as the 'real estate holdings' (albeit, the property was not 'jointly-held' so, a possible exclusion) of the father should have been part of 'the estate' and perhaps even the life insurance policy IDK...

@edhartmann1168 Ай бұрын

The first job of the executor, after funeral expenses, is to pay off the debts of the deceased with the estates assets. Debt does not die with you.

@karenbrown1485 Ай бұрын

@@davedixon2068 David is right, the debt does die with the debtor, but just didn't go on to say that his whole estate would be taken into account. For instance, if the house which the couple lived in was just in his name, the wife would lose her home. If any debt remains after all of his possessions are sold off then that's it. No-one else would be chased for it, and the proceeds from the estate will be fairly divided between all creditors.