Who is responsible for a mother’s debt when she passes?
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Who is responsible for a mother’s debt when she passes?
The father died 15 years ago and there are 3 living children. She has a home and land valued at about $75k. The land will likely be willed to the children but there is a $25k balance on a second mortgage.
Asked on November 27, 2015 under Estate Planning, New Hampshire
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Children are not liable for the debt of a deceased parent. The estate is responsible for payment. To the extent that there are not enough liquid assets to pay off creditors, then estate assets will need to be sold. All debts are extinquished before any distributions are made to the benficiaries/heirs.
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