Did you ever speak with your parents about inheritance?
- Thread starter One More Solo
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What do you mean inherit debt? That's not a thing is it unless you are named as a guarantor on a mortgage or something like that?
Well afaik one of my parents has a lot of debts here and there and if he dies they will try to get money from me, afaik you inherit debts aswell.
Both my parents rent so no such luck about a house or mortgage, would love to get a house even if stuck with 30 years of morgage!
Both my parents rent so no such luck about a house or mortgage, would love to get a house even if stuck with 30 years of morgage!
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Might be a thing in the Netherlands? I think it is in the USA.
Edit - Scratch that, not a thing in the USA, but can be a thing in the Netherlands under certain circumstances.
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Permabanned
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yep debt dies in the uk .. dad owed a bit out when he died 15k ish .. but they couldn't touch the house or my mum .. but when my mum died we paid off what she owed 3k as it was one of her requests ... asked my bro what he wanted ..took the house and gave him some cash ..no fighting simple as
When my dad died my eldest sister (ES) wasted no time picking at his belongings despite an agreement being made (dad had no will).
We had agreed, with Mum that anything of great value would be sold to help Mum financially as Dad was the main household income.
However sis managed to help herself to 4k's worth of camera equipment despite having no interest in photography, unlike my middle sister (MS). Mum was part of the issue there though as she let her take it. My biggest gripe was ES asked to take as she was taking Mum home from the hospital just hours after Dad died.
MS recently asked if she could borrow one of the lenses from the equipment as she has the same model camera and was told by ES "it's in a box somewhere and I don't have time to find it". In my mind that means she's pawned/sold it all.
We had agreed, with Mum that anything of great value would be sold to help Mum financially as Dad was the main household income.
However sis managed to help herself to 4k's worth of camera equipment despite having no interest in photography, unlike my middle sister (MS). Mum was part of the issue there though as she let her take it. My biggest gripe was ES asked to take as she was taking Mum home from the hospital just hours after Dad died.
MS recently asked if she could borrow one of the lenses from the equipment as she has the same model camera and was told by ES "it's in a box somewhere and I don't have time to find it". In my mind that means she's pawned/sold it all.
Soldato
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I see a lot of people on this thread are advising to have that 'talk' with the parents / other relatives.
Personally I keep out of those talks, as inheritance can bring out the worst in people. If I'm in anyone's wills then so bit it, if not, then again so be it.
I will write my own will though and put my house in it once my mortgage is paid off, hopefully by early 2028. (I'm over-paying the mortgage).
Personally I keep out of those talks, as inheritance can bring out the worst in people. If I'm in anyone's wills then so bit it, if not, then again so be it.
I will write my own will though and put my house in it once my mortgage is paid off, hopefully by early 2028. (I'm over-paying the mortgage).
Soldato
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It's straighforward for me, I'll get mum's stuff which won't be much and that's it.
Dad is estranged and remarried so not expecting anything.
Defo a bit bitter that my mum is poor. People inheriting decent houses have a massive advantage.
Dad is estranged and remarried so not expecting anything.
Defo a bit bitter that my mum is poor. People inheriting decent houses have a massive advantage.
Man of Honour
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Yes and they've given me a copy of their signed will.
They moved away from the UK to also reduce any inheritance tax issues, not that they're loaded by any stretch. However as a stake in my home country it helps to decouple it from the UK.
They moved away from the UK to also reduce any inheritance tax issues, not that they're loaded by any stretch. However as a stake in my home country it helps to decouple it from the UK.
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Good decision imho, SA has become an absolute hell hole, my entire extended family has moved away, either to the UK or Australia, with one cousin now living in Germany with his wife.
Just to clarify the ‘debt dying’ stuff…
If a person with debts in their sole name dies, they do not automatically die with them. If the estate (the sum of all of the things in their sole name) is solvent (what they have is > what the owe) then the estate must pay the debts off before anyone inherits what’s left.
If the estate is insolvent (the debts are greater than what they have) then the debts are repaid in a specific order until there is nothing left. This is a little more complex, so more info can be found Here.
There are no circumstances where family members will be expected to repay a debt out of their own pocket in the case of an insolvent estate.
Anything held jointly (house, bank account etc.) does not form part of their estate, cannot be used to repay sole debts, and automatically passes to the surviving joint party.
I have just looked it up. If one of my parents die I can either accept or reject the inheritance.
This is ALL the possessions but also all the debts. If I accept the inheritance I am automatically obliged to pay the debts aswell, but I can refuse it, but that was I risk losing nostalgic and family stuff that I might want!
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Man of Honour
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No, I actually thought I was getting nothing and my Sister would get it all because she did everything.
Quite surprised when it was divided 2/3 to 1/3 and I told my Sister she deserved more but she wouldn't have it.
My Sister also sold everything in the house even if she got pennies and then divided it equally between us, I said it should be 2/3rds in her favour but she insisted 50%.
My Dad died last year but his wife gets everything.
She asked me to empty his recording studio so I've ended up with a lot of guitars, amps, outboard gear etc which I might sell this year.
Quite surprised when it was divided 2/3 to 1/3 and I told my Sister she deserved more but she wouldn't have it.
My Sister also sold everything in the house even if she got pennies and then divided it equally between us, I said it should be 2/3rds in her favour but she insisted 50%.
My Dad died last year but his wife gets everything.
She asked me to empty his recording studio so I've ended up with a lot of guitars, amps, outboard gear etc which I might sell this year.
I’m a little confused.
If your Dad dies, and he has more than he owes, then the executor/administrator of his estate is legally obligated to pay all of the debts - then they pay you (or any other beneficiary) what is left.
the scenario of paying debts from what you have inherited can’t really happen, as you don’t receive any inheritance until debts are paid.
Are you suggesting something different? I’m also assuming your Dad is in the UK for legal purposes
You can of course reject any inheritance after debts are paid.
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Associate
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This thread made me realise my position is a little unique. I think my folks and I / My brother discuss this sort of stuff every time we meet. Not always in a serious way, sometimes a jokey way but to be honest I am really grateful for that and the way they choose to speak to us so freely about it, it will make things a little easier. It's not all gravy though, my mum has bequeathed me an absolutely HIDEOUS Toby jug, she tells me she will haunt me if I sell it. It will be going up in my loft.