Legal Question in Wills and Trusts in Oklahoma

My Parents Are Spending More Than Their Estate Is Worth

I have a question regarding my parents estate. They are both elderly and not in good health. The problem is they have their house mortaged as much as they can, and they have close to 50,000 in credit card debt. They do not seem to be slowing down on their spending sprees. My sisters and I would like to know if we are responsible for our parents debt up on their death. They keep telling us to 'just sell their house' but they have not updated the property since the early 1980's and it is not worth near what they think it is. Please give us some advice.


Asked on 6/19/04, 3:48 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: My Parents Are Spending More Than Their Estate Is Worth

Neither you nor your sisters will be responsible for your parents' debts unless you specificly tell a creditor that you will be.

When they die, their estate will be used to pay off their debts. If there's not enough money to go around, then the creditors will have to absorb the loss.

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Answered on 6/19/04, 10:43 pm


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