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If your parents owe money on an automobile loan at time of their death are their children responsible for the debt?

Rodney Fox

in Student Loans

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Rodney Fox on January 24, 2019

No, not unless the children co-signed the note. So, in the estate of the parents will have to pay the debt. First of all, the use of PARENT-S - plural assumes they both died at the same time? All the debts of the deceased person will be paid first, and, assuming that there is a will, the will of the parents, by his legal will, determines the place in the rest of the money goes to. No one, except the person or persons who signed the legal loan papers, Or their property, shall be responsible for any type of loans. However, if the executor is alert and informed, he or she can try to get the lender to take the car back with the money paid to date, along with the physical property considered legal elimination of the debt, depending on your condition, of course.


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