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Am I Responsible for My Parents Debt When They Die?

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Although estate laws vary from state to state, some things remain a constant. First after the death of a parent, that parent's holdings are put into what is called the decedent's estate. Holdings are things like property, money, stocks, anything of value. These assets are totaled for the estate, and then management of the estate passes to whomever was appointed by the will to manage the estate. That person is responsible for paying past debts out of the assets of the estate. If there is no assets to apply, the estate manager may declare the estate insolvent, and notify the bill collectors. The only way a child is responsible for the debts of the parent is if they are the estate executor, of if they have a loan or lien cosigned with the decedent.

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