Are children responsible for a deceased parent's debts?
Question Details:
My father is terminally ill and will soon die. He will have outstanding debts to the nursing home he is living in once he dies. Will his next of kin be responsible for those debts once he dies? He has 5 living children and the oldest has Power of Attorney. And he has been divorced twice.
Your father's heirs (the children) will be responsible for his debts, but only up to the value of his assets. None of the heirs will have to pay anything out-of pocket.
Also, some of his debts will be privileged (funeral expenses, legal expenses, etc.) and are paid before ordinary creditors, such as credit card companies.
