Legal Question in Wills and Trusts in Australia
inheriting debt
If either one of my parents have accumulated debts, and they pass away, will I inherit them, and have to pay them off, according to Australian law?
Do I have the choice as to whether I inherit them, or does the debt cease on the event of my parents' death?
Asked on 12/18/01, 2:58 am
2 Answers from Attorneys
Michael Lipshutz
Cohen Woolf & Weinberg
Re: inheriting debt
You do not inherit the debt personally however the debt remains as a debt to the estate of your late parents.
Answered on 12/18/01, 4:50 pm
Arash Amai
Cowell Clarke Commercial Lawyers
Re: inheriting debt
Your parent's debts will not pass to you personally upon their death. Rather, those debts will be debts of their estate and will need to be satisfied prior to the proceeds of the estate (if any) are distributed to the beenficiaries.
Answered on 12/18/01, 5:57 pm
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