The legacy of love blog

What happens if your parents owe money when they die?

debts estate executor Sep 18, 2017

We recently had a client call our office asking a question we hear all the time… “What happens if my father dies owing more money than he has in assets? Will I be personally responsible for paying his debts if I am his Executor?

You will not be personally liable for your father’s debts when he dies. You may however, be taking on a difficult estate where you will be required to negotiate with creditors and possibly even place the estate into bankruptcy to deal with...

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