Do I Have to Pay my Parent’s Debts Out of My Pocket?

Hi, I’m Gary DeWitt.  I own DeWitt Law Firm where I do estate planning and probate.

Am I responsible for estate debts?

Talk to me, get questions answered, or get estate planning help at your free meeting.  Visit PlanWithGary.com to setup a time for your free meeting.  That’s PlanWithGary.com.

People often ask if they will be responsible for mom or dad’s debts.  The answer is, as usual for a lawyer, it depends.

If you co-signed or signed as the responsible party, then yes, they are responsible for the debt.

However, if you didn’t co-sign or sign as the responsible party, you are not responsible for your parent’s debt.  And for the most part, the credit companies and collections agencies know this and that they are to be paid from the estate, not out of your pocket.

Once in a while, you will run into somebody that doesn’t know the rules and tries to strong arm you into paying your parent’s debt

Talk to me, get questions answered, or get estate planning help at your free meeting.  Visit planwithgary.com to setup a time for your free meeting.  That’s planwithgary.com.

Thanks for watching.

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