Parents in debt

[LFrancis]

My parents are in huge debt, soon to be millions of dollars. They live in Texas and I live in Canada. Should my parents die in debt, and their estate does not cover what they owe, does that debt pass on to me in any way. I am in their will, they plan to leave everything to myself and my sister.

L.F.

 

[dorenephilpot]

No. You would not be responsible for your parents' debts.

Only in history books will you see that kind of thing happening.

Can you imagine the chaos that would ensue in our society if that were the case?

The debts would be paid out of their estate. If the debts are fully covered, you and your sister would get the remainder.

If the debts are not fully covered, you would not get anything, as I'm sure you know.

Hope this helps.