Do I Have to Pay my Parent’s Debts Out of My Pocket? (Video)
Do I Have to Pay my Parent’s Debts?
Hi, I’m Gary DeWitt. I own DeWitt Law Firm where I do estate planning and probate.
Am I responsible for estate debts?
People often ask if they will be responsible for mom or dad’s debts. The answer is, as usual for a lawyer, it depends.
If you co-signed or signed as the responsible party, then yes, they are responsible for the debt.
However, if you didn’t co-sign or sign as the responsible party, you are not responsible for your parent’s debt. And for the most part, the credit companies and collections agencies know this and that they are to be paid from the estate, not out of your pocket.
Once in a while, you will run into somebody that doesn’t know the rules and tries to strong arm you into paying your parent’s debt
Thanks for watching.
In general, you don’t have to pay my parent’s debts unless you signed paperwork to be responsible or a guarantor of the debt.