Debts of the parents should be inherited by the children.

"Speak harshly to your little boy, and beat him when he sneezes................

The debts are subtracted from the assets before the children (or anyone else) inherits anything, Bentley

"Because he knows . . ."

Elegran

What I am saying if the debts exceed the assetts the children should be liable.

Gerry

Elegran I thought the next line was "he only does it to annoy............ and the "because" bit?

Why did I know who the OP was before I even opened this thread?

It have been frank !!

No - Frank would never advocate such a thing!

Ana I agree.

I was skipping a bit so as not to hurt Bentley's feelings, Phoenix

HAH HAH!

He can't even spell! 'assetts'

This thread is familiar.
I believe it was asked at the time. Just where the buck should stop. If I couldn't cover my parents debts and nor could my children, how far down the line should it go ?
Would great grandchildren be responsible??

Ridiculous idea.

ANA , CSL !!

Michael Winner managed to rack up £12million in debt. What fool lent him the money? RBS? Northern Rock? UBS? I would love to know. He bought with mortgages flats for ex girlfriends. His unsaleable house was used as a guarantee for the mortgages. Why are bank managers so easily conned.

"CSL" ?

I read that the Beckhams have viewed his house !!!

It is certainly the law where I live Bentley. But offsprings can refuse the inheritance if they suspect that the debts amount to more than assets.

Even in this country your debts don't necessarily die with you. If the property was mortgaged and you didn't have life insurance to cover it, the mortgagor would still claim the outstanding balance from the estate.

I don't think Bentley49 has thought through what he is saying.
You could get an extreme case as mentioned by Stansgran where £12,000,000 of debts are ran up.
Even if the children had very good careers they are unlikely to be able to pay this amount back during their working lives.
Even a full time GP only earns about £3,500,000 over their working lives and they have got to live and have some enjoyment out of life.
They also have to pay tax out of this £3,500,000 as well.

Frank

granjura

In the UK the children are not obliged to get involved with the winding up of the parents estate but most do as they want their inheritance.

Frank

Ana

When my father died he was owing about £800 to the credit card company.
I paid it to avoid interest charges knowing what I was going to inherit was a lot more.

Frank

You don't have to be involved with the winding-up of an estate to inherit from it, Frank...

Ana

I agree with what you are saying but I did as much as I could to save cost.
I could have got the house transferred in to my name but I let the solicitor do it as I did not want my father's ex coming back on some obscure legal technicality.

Frank