Do you inherit parent's debt if they die while they are in debt?

Even if they have made a will, and if you are married to their son, does this mean you both inherit the debt?Do you inherit parent's debt if they die while they are in debt?
You will only inherit the debt if they have a Reverse Mortgage on their house. That means the bank is paying them to live, and they are basically taking equity out of that house. If their son has stake in some of the properties, he may inherit some of that debt. It depends upon whether or not his name is on that deed of trust. I would contact the bank(s) that holds the deeds for those properties and find out for sure so it's not a surprise later on.Do you inherit parent's debt if they die while they are in debt?
Nope. Executor of the estate is responsible for liquidating the assets of the deceased, paying the bills that can be paid, and then informing creditors when the money is gone and the estate is insolvent.





Of course at that point, there is nothing for you to inherit; but there is no responsibility for any debt you haven't signed for.





Joint property is a totally different issue. If there are liens or mortgages on a joint property, depending on how title is held, he may have to sell to pay off the debt; he may be able to assume the debt and the title to the propery; or any of a few other scenarios depending on what the property and the debt are. At that point, he, the executor, and a probate atty need to sit down and review it as part of the assets of the estate.
Debt can be inherited if you are dumb enough to accept it as your inheritance.





Luckily, nobody's that dumb - you can refuse an inheritance.
Debts don't get passed on to one's children, any more than crimes do.


The entire estate could be forfeited to pay off the decedent's debts and you might wind up inheriting nothing, but if that isn't enough to cover it then the creditors are simply out of luck for the rest.
Debt is not inherited. The estate has the debt.





However, the debt of the estate must be settled before the heirs can claim any assets. So, if the debts exceed the assets, then the heirs will inherit nothing.
No. Their estate inherits the debt.
Don't sign anything. You will probably have to handle their estate and pay their debts out of what they leave.