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No. Debt is never transferred from one family member to another unless agreed to contractually. If no will is drawn up, the estate will be transferred to the n
by kahrl 6y ago
No. Debt is never transferred from one family member to another unless agreed to contractually.
If no will is drawn up, the estate will be transferred to the next-of-kin after all debts are settled.
- munk-a 6y agoSorta - this issue is a bit more complex when it comes to shared property. If you live in a multi-generational home technically owned by your grandfather and he passes away then the house may be seized during any debt resolution or bankruptcy filing. Debts don't get passed on but they can eliminate the value of estates being transferred. I think it's perfectly legitimate to question whether any assets or debts should be transferred on death but right now society is such that some people will be depending on that inheritance since they're inheriting the roof that they've been living under all their life.
- russh 6y agoThis may come as a surprise to you, as it did me... https://en.wikipedia.org/wiki/Filial_responsibility_laws https://en.wikipedia.org/wiki/Filial_responsibility_laws
- shard 6y agoDepends on the locale. As I understand it, in Korean law, both assets and debts are transferred to next of kin when one dies. Relatives of debtors have to go through a legal procedure to make sure that they don't become next-in-line for any debts or assets when the debtor dies.