Dying With Debt: Will Your Children Inherit Your Obligations?

[faykesmayle]

Hi guys just want to confirm something i heard, is this true? please share more about this.

ty.

[neversaydie]

dili, naa sa balaod na kung mamatay na ang nangutang, impas tanan bayranan.. It was confirmed by atty rosaroso before.. ang sagad nahitabo sa atoa, kay mainhirit sa mga anak..

[FAQ]

Hi guys just want to confirm something i heard, is this true? please share more about this.

ty.

AFAIK .. it depends . For example , if you're living in a house owned by your deceased parent/s but the mortgage is not yet paid-off and according to their will that you will inherit the house , the mortgage will technically be passed to you because you are the new owner of this asset . Yes , you are required to pay for it . If your parents has a life insurance plan that you will get money when they die , it would be smart for you to use that money to pay for the mortgage . But some insurance plans nowadays offers paying off the mortgage and etc. when a person get to an accidental or natural causes death the child/ren won't have inherit any pain-in-the-arse debts .

If ever there are assets that are passed to you from your deceased parent/s but not yet paid-off and you can't afford to keep them , you can surrender by foreclosing or sell them .

In conclusion ...
the YES answer = if the parents has no insurance , you're inheriting an asset and its mortgage
the NO answer = if the parents has insurance that will cover any debts .

In the Philippines , it's popular that the family properties are passed on to next of kin since the Spanish Era so some people won't experience any of mortgage , debt inheritance , deal with debt collectors and etc . Other than that , too bad for ya . You're lucky if your deceased parent/s still have enough money on his/her bank account to pay off the loans and the rest will be distributed among family members .

It gets complicated when dealing with the deceased unpaid income and property taxes , sari-sari store debts , funeral costs and etc ...

It would be better to speak to a lawyer on this to have a sure answer .

[stockings_123]

to a certain extent, yes. if inheritance is 1m and there are outstanding obligations equivalent to 500m, then the children will only get the remaining 500m. if inheritance is 1m and outstanding obligations are beyond 1m (like 2m, for example), then children will receive nothing. i hope this helps.

[ishmot0i]

i sure hope not..

[SioDenz]

AFAIK .. it depends . For example , if you're living in a house owned by your deceased parent/s but the mortgage is not yet paid-off and according to their will that you will inherit the house , the mortgage will technically be passed to you because you are the new owner of this asset . Yes , you are required to pay for it . If your parents has a life insurance plan that you will get money when they die , it would be smart for you to use that money to pay for the mortgage . But some insurance plans nowadays offers paying off the mortgage and etc. when a person get to an accidental or natural causes death the child/ren won't have inherit any pain-in-the-arse debts .

If ever there are assets that are passed to you from your deceased parent/s but not yet paid-off and you can't afford to keep them , you can surrender by foreclosing or sell them .

In conclusion ...
the YES answer = if the parents has no insurance , you're inheriting an asset and its mortgage
the NO answer = if the parents has insurance that will cover any debts .

In the Philippines , it's popular that the family properties are passed on to next of kin since the Spanish Era so some people won't experience any of mortgage , debt inheritance , deal with debt collectors and etc . Other than that , too bad for ya . You're lucky if your deceased parent/s still have enough money on his/her bank account to pay off the loans and the rest will be distributed among family members .

It gets complicated when dealing with the deceased unpaid income and property taxes , sari-sari store debts , funeral costs and etc ...

It would be better to speak to a lawyer on this to have a sure answer .

Kana diay housing loan sa pag-ibig nya mamatay ang nag loan, padayun diay ghapon na? kinsay mubayad?

[iBerg]

tsk tsk tsk.. Kaluoy pd kung ma inherit ni sa anak oy

[Breakeven]

Kana diay housing loan sa pag-ibig nya mamatay ang nag loan, padayun diay ghapon na? kinsay mubayad?

Wala namay labot ang anak ana kung loans, kay ang nipirma sa loan mao ray obliged to pay. Mas luoy gani diha ang co-maker....hhehee. Maoy makaubo ug bayad

[Static X]

depende man siguro kong unsa nga klase sa utang sa deceased.

[Manhate]

I agree it depends jd D