Will I be liable for debt?

[daughter#2]

When my father passed, he left everything to his wife (my step-mother) with the stipulation that when she passes, her estate will be divided between her daughter and my sisters and me. My guess is that not only will there be nothing left but more likely there will be tremendous debt left behind. By virtue of being named in my father's will, does that leave me in any way responsible for any debt that she might leave behind?

 

[tranquility]

No. The debt is only taken against estate assets. If you don't get any, you can't be liable. (Absent weird facts as some states require a child to support their parent.)

 

[justalayman]

When my father passed, he left everything to his wife (my step-mother) with the stipulation that when she passes, her estate will be divided between her daughter and my sisters and me.

unless there was a joint will, your fathers will cannot direct your step-mothers estate. Well, even then it isn't really his will but hers but in a joint will, it becomes a mutual agreement between the two that the entirety of both estates will be distributed in a specified manner.

and since you refused to play the name your state game like you were asked when you started this thread, I cannot even look up your state to determine if a joint will is even possible.

 

[milehightrustee]

This is just FYI

In California, many years ago my father was married to my step mother. I was an only child, she had three children by a former marriage, all adults. My father's intent was that when both he and his wife were gone their estate would be split equally among the four of us. They did not have a Trust. He had a Will. His Will stated that his entire estate would go to his wife if she survived him by 30 days or more. If not, the estate would go to us "kids" in equal shares. Well, he died and she survived him so the estate became hers. She died two years later. It was after her death that I found out she had set up a Living Trust after his death and the beneficiaries of "her trust" were her children. I was not even mentioned at all one way or another. I was curious, wondered why she had not carried out his wishes etc. but bottom line, what she did was legal.

Her children were not as successful in life as I have been. Maybe that is why she did that. I will never know. However, I can live knowing I have never inherited a penny from anyone and have done it all myself better than I could acting like many people I see on this forum who obviously are consumed with greed. I sleep well at night.

I believe that unearned money breeds evil in a whole lot of people. Anyway, I thought my little story might help the OP who started this thread. If not, I am sorry I butted in.

 

[curb1]

milehightrustee,

Interesting experience that you had. It happens far too often because of very poor estate planning. However, proper estate planning is not synonymous with being "consumed with greed". For you it is great that you feel the way you do about not inheriting anything. It is an isolated situation for you. Your father might have desired to pass his assets to "his" family so grandkids might be able to attend college, or any number of reasons. The assets from your mother might have been for similar reasons.

 

[nextwife]

In California, many years ago my father was married to my step mother. I was an only child, she had three children by a former marriage, all adults. My father's intent was that when both he and his wife were gone their estate would be split equally among the four of us. They did not have a Trust. He had a Will. His Will stated that his entire estate would go to his wife if she survived him by 30 days or more. If not, the estate would go to us "kids" in equal shares. Well, he died and she survived him so the estate became hers. She died two years later. It was after her death that I found out she had set up a Living Trust after his death and the beneficiaries of "her trust" were her children. I was not even mentioned at all one way or another. I was curious, wondered why she had not carried out his wishes etc. but bottom line, what she did was legal.

Her children were not as successful in life as I have been. Maybe that is why she did that. I will never know. However, I can live knowing I have never inherited a penny from anyone and have done it all myself better than I could acting like many people I see on this forum who obviously are consumed with greed. I sleep well at night.

I believe that unearned money breeds evil in a whole lot of people. Anyway, I thought my little story might help the OP who started this thread. If not, I am sorry I butted in.

When an entire estate is left to someone it becomes THEIRS, to do with as they please.

If a party wishes to make sure someone else will recieve money from their estate, then they need to set up their estate planning so that this will happen.

One does NOT leave it to someone and try to predetermine what they will do with THEIR inheritance after they inherit it. After they inherit it, IT BECOMES THEIRS!

So, for example, if I have children from two marriages, and I want them to recieve an inheritance from me, I cannot accomplish that by leaving the money to SOMEONE ELSE. One does not give it to another for "safekeeping" for their kids, or to their spouse to leave what's left to their child. It doesn't work that way. That is why one should use proper estate planning and make sure they fully discuss with their estate attorney what they wish to happen with their estate.

 

[milehightrustee]

When an entire estate is left to someone it becomes THEIRS, to do with as they please.

If a party wishes to make sure someone else will recieve money from their estate, then they need to set up their estate planning so that this will happen.

One does NOT leave it to someone and try to predetermine what they will do with THEIR inheritance after they inherit it. After they inherit it, IT BECOMES THEIRS!

So, for example, if I have children from two marriages, and I want them to recieve an inheritance from me, I cannot accomplish that by leaving the money to SOMEONE ELSE. One does not give it to another for "safekeeping" for their kids, or to their spouse to leave what's left to their child. It doesn't work that way. That is why one should use proper estate planning and make sure they fully discuss with their estate attorney what they wish to happen with their estate.

Nextwife,

I believe I indicated that I understood what you have said, very well. My father did not do the proper planning in order to pass anything on to me. I am fine with that as I indicated. He was a great man and I will miss him forever. He taught me well and that is one of the greatest things a father can do for his son. Much more valuable than an inheritance could ever hope to be.

Curb,

I agree with you also in that "proper planning" is not an indication of "greed". I did not intend to give that impression. In dealing with the family I currently deal with in order to manage the Trust I do manage, I have had quite a lesson in greed.

I seem to have taken over this thread or butted in on the OP. I am sorry. I will start another thread of my own if I desire to talk about my own situation. Please accept my apology.