306
The gift has been bestowed
(lemmy.world)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 21 Aug 2024
306 points (95.3% liked)
memes
10087 readers
2345 users here now
Community rules
1. Be civil
No trolling, bigotry or other insulting / annoying behaviour
2. No politics
This is non-politics community. For political memes please go to !politicalmemes@lemmy.world
3. No recent reposts
Check for reposts when posting a meme, you can only repost after 1 month
4. No bots
No bots without the express approval of the mods or the admins
5. No Spam/Ads
No advertisements or spam. This is an instance rule and the only way to live.
Sister communities
- !tenforward@lemmy.world : Star Trek memes, chat and shitposts
- !lemmyshitpost@lemmy.world : Lemmy Shitposts, anything and everything goes.
- !linuxmemes@lemmy.world : Linux themed memes
- !comicstrips@lemmy.world : for those who love comic stories.
founded 1 year ago
MODERATORS
Don't you inherit debt if you also inherit assets in excess of the debt?
Debts are discharged before heirs receive their inheritance.
No shit? I was not aware of that.
That's right. If the debts take up all the money, then there is nothing left to inherit. And if there isn't enough money to pay all the debts, then the debtors go away unsatisfied. In no case do the heirs have any responsibility for the debts.
I should emphasize that this is in countries governed by English common law: the UK, Canada, the US, Australia, New Zealand, etc. I have no idea if it is true in countries following the Napoleonic Code, or anywhere else.
Oh, you meant paid. By discharged I thought you meant cancelled. Yeah, that's how I thought it worked.
You get what's left over.
If you get left a house that's 300k, but they had 250k in debt, you end up with 50k.
But if you get left a 300K house, and they had 500k in debt, you don't owe 200k. You just don't get the house.
You would have to pay off the 250 k debt though, if you want to keep the house. You can't give the house away without paying the debt first.
The one inheriting the house may want to take a 250k loan to afford that 300k house.