inheritance

[bricro1]

Seven out of ten young people fear inheriting a mountain of debts. Is this possible?

[bednobs]

do you mean is it possible that they will or possible they will worry about it?

[bricro1]

If someone dies and debts are greater than assets do the beneficiaries! or executors have any legal duty to settle the outstanding debts?

[CheekyChops]

No, they don't. Upon death, any debt will be paid from the estate. If the estate is not large enough to cover the debts then they cannot pursue anyone else for repayment, assuming that the debt was in the sole name of the deceased.

[bricro1]

Much obliged,thank you.

[cascarelli]

Seven out of ten young people have no idea what they are talking about!


Actually, its probably a much higher ratio than that....

[bricro1]

Yes, nine out of ten fear having to get a job!!