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  #1  
Old 11-18-2005, 06:39 PM
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Parents Debt

What is the name of your state? I live in UT but parents are in CA.
My parents owe a sum of money to a collections agency and I want to know what happens if they die. I am the only child and they do not have a will. I assume I take care of everything. They do have insurance but it's enough for the funeral costs. What happens to the debt?
Thanks!
  #2  
Old 11-19-2005, 01:40 AM
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Their debts are taken out of their estate... Meaning ALL their assets will be liquidated to pay off what they owe...

If they have no assets, their debts die with them...
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  #3  
Old 11-19-2005, 10:59 AM
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That was what I thought, Thanks!
  #4  
Old 11-19-2005, 08:58 PM
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is insurance considered assets??
Thanks
  #5  
Old 11-19-2005, 09:06 PM
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Quote:
Originally Posted by triktecate
is insurance considered assets??
Thanks
No. Insurance is only an asset to the policy holder while they are alive. When they die the proceeds belong to the beneficiary.
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  #6  
Old 11-20-2005, 04:14 PM
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Thanks for the help!
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