Debt after Death

[melcarab]

What is the name of your state (only U.S. law)? NY

Am I responsible for my fiance's student loans, credit cards, car payments if we marry and he dies? There are no current joint bank accounts. Should I avoid a joint bank account if we both have debt acquired before the marriage? What about our kids, can they be held responsible for their father's debt if we get married.What is the name of your state (only U.S. law)?

 

[Ohiogal]

What is the name of your state (only U.S. law)? NY

Am I responsible for my fiance's student loans, credit cards, car payments if we marry and he dies? There are no current joint bank accounts. Should I avoid a joint bank account if we both have debt acquired before the marriage? What about our kids, can they be held responsible for their father's debt if we get married.What is the name of your state (only U.S. law)?

His estate will be held responsible. You will be held responsible for anything you cosign for.

 

[LdiJ]

What is the name of your state (only U.S. law)? NY

Am I responsible for my fiance's student loans, credit cards, car payments if we marry and he dies? There are no current joint bank accounts. Should I avoid a joint bank account if we both have debt acquired before the marriage? What about our kids, can they be held responsible for their father's debt if we get married.What is the name of your state (only U.S. law)?

If someone passes away, and they have debt, then their estate is responsible to settle the debt by selling assets to cover it, and then distributing the remainder to the heirs of the estate. Therefore, in a way, yes, either you or the children could end up responsible for the debt, in that you or the children would inherit fewer or perhaps no assets.

However, assets that pass outside the estate go directly to the beneficiary or joint tenant, therefore those assets are not part of the estate.

However, in my opinion if people marry when they are carrying a lot of debt, then its best if they keep their finances completely separate, and don't purchase joint assets.