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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4480
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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, I have a question about the debt of my late father

Customer Question

Hello,
I have a question about the debt of my late father in law please. He died on 5th November 2014. He left a wife who was resident in a care home at the time. At the time of his death he had a number of credit card accounts with outstanding debt. The sole executor of his will was his wife but she lacked mental capacity and so we were in the process of applying to the court of protection to become her deputy so that we could sell the house on her behalf to pay for her care costs. Sadly, she then passed away on 22nd December. My husband and myself are now the executors of her will. My question is what happens to the debt of my father in law. Are we now liable for those when the house gets sold or as it went to my mother in law first does it still stand? He didn't have enough money in his current account at the time of his death to pay the debt off.
Thanks,
Tracy
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend,

Very sorry to hear about your loss.

To begin with, remain assured that in no way you or your husband would be liable for any of the debts.

Having said this, note that you would be liable ONLY if you or your husband have jointly signed for your debts. If this is not the case, such debts are always paid of from the Estate that the deceased leave behind.

In your case, when the house gets sold, the debts would be paid off from that money. However, returning to your main query, you or your husband will never be personally responsible for these debts.

Kindly refer the following which is a very informative resource.

http://www.nidirect.gov.uk/what-happens-to-debts-when-someone-dies


https://www.moneyadviceservice.org.uk/en/articles/dealing-with-the-debts-of-someone-who-has-died


http://www.thisismoney.co.uk/money/cardsloans/article-1670166/Must-dead-fathers-debts-be-paid.html


I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question,

Warm Regards,
Customer: replied 1 year ago.

Hi, thanks for your reply. I'm sorry I don't think I made myself clear enough. I realise that my husband and I won't be personally liable. I just wondered if the banks would still have claim to my father in laws estate as surely his estate passed to my mother-in-law initially so the estate became hers. Now that it has passed to us, will they still be repayable even though it's not officially his estate any more?

Expert:  Rakhi Vasavada replied 1 year ago.
Dear Tracy,

Hello and welcome again. Thank you for your reply.

Okay, I now get it more clear. Let me try and put more light on your situation.

Hopefully, you may escape this. Though you clearly understand that you or your husband are not personally liable for such debts, the estate of your parent is certainly liable.

Having said this, the rules that deal with this are complex. Even if the estate of your late father-in-law passed on to your mother-in-law, and eventually to you both after her sad demise, all this has happened in very short span of time.

USUALLY, Creditors typically have a fixed period of time -- usually between two and six months -- to make claims against your parent's estate.If there's not enough money to cover the debt, in many instances your parents-in-law's debt will die with them.

But if there is money or other assets, they must be used to pay the debt before anything is distributed to heirs.

Coming to your core question again, you might have to pay up the debt from what you have inherited, i.e. from the inherited estate. However, the creditors will have to file claim for that and such claims are not filed, then the debt might also get killed.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question,

Warm Regards,

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