Most debt doesn’t transfer from a parent’s estate to a
child. If the deceased did not have enough assets to pay off the debts, the
creditors may require a sale of the assets of the estate to address the debt,
but that’s it.
There are some exceptions- like if a child jointly owned the
debt, or acted as a guarantor, or if the deceased parent improperly offloaded
assets to the child for less than market value to evade creditors.
- Paul Adam, Toronto
Visit our Toronto Law Office website: www.wiselaw.net
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