Debts don't die with you - they are passed on and must be paid if there are assets

[webfact]

Debts don't die with you - they are passed on and must be paid if there are assets 

 

Picture: Daily News

 

Daily News reported on a Facebook post by the Public Relations Department Region 7 regarding legacies with debts attached. 

 

The department said that the beneficiaries of legacies must also be responsible for the debts of the person who died. 

 

Creditors can claim from the beneficiaries up to the value of the legacy. 

 

If the debts are more than the legacy the beneficiary does not have to pay the balance. 

 

If the legacy is only debts the beneficiary doesn't have to pay at all. 

 

Source: Daily News

 

-- © Copyright Thai Visa News 2020-09-08

 

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[bert bloggs]

In Thailand i only own the shirt on my back ,thats it .????

[colinneil]

13 minutes ago, bert bloggs said:

In Thailand i only own the shirt on my back ,thats it .????

Well it is past time you got another 1, your shirt must be smelling a bit by now.????

[Matzzon]

It´s amazing that they have to inform grown up citizens about such obvious things.

[johng]

1 hour ago, webfact said:

If the legacy is only debts the beneficiary doesn't have to pay at all. 

So then the debt dies with the debtor ???    best to only have debts then ???? 

[Lacessit]

1 hour ago, bert bloggs said:

In Thailand i only own the shirt on my back ,thats it .????

Never heard of a rented keyboard before.

[kralledr]

2 hours ago, bert bloggs said:

In Thailand i only own the shirt on my back ,thats it .????

Poor guy, il donate you some brand new shirt ????

[bert bloggs]

1 hour ago, Lacessit said:

Never heard of a rented keyboard before.

its the wife's computer.her family have more money than me ,i must have struck lucky all those years ago????

[bert bloggs]

53 minutes ago, kralledr said:

Poor guy, il donate you some brand new shirt ????

yes please ,this ones a bit tatty now 

[Orton Rd]

Go fund me for Berts new shirt? ????

[sammieuk1]

Must be debt avoidance that forces you into loaning watches on a permanent basis then????

[Bender Rodriguez]

if that to stop people killing themselves ?

[tgw]

14 minutes ago, Bender Rodriguez said:

if that to stop people killing themselves ?

that's what I thought too

[ukrules]

4 hours ago, Matzzon said:

It´s amazing that they have to inform grown up citizens about such obvious things.

I was thinking this myself, surely everyone already knows this?

 

Also, the timing of this announcement is highly relevant, winter is coming...

[sawadee1947]

Good to know. 

So UK will pay the debts to EU?? ????

[Grusa]

It has always been my ambition to die with my cards maxed out and my overdraft limit achieved.

Sadly I am too much of a coward and lack sufficient prescience.

[RichCor]

 

7 hours ago, Orton Rd said:

8 hours ago, kralledr said:

10 hours ago, bert bloggs said:

In Thailand i only own the shirt on my back ,thats it .????

Poor guy, il donate you some brand new shirt ????

Go fund me for Berts new shirt? ????

 

Isn't Bert too sexy for his shirt?

(He probably sits around in the house not wearing one most of the time anyway)

 

 

 

Edited September 8, 2020 by RichCor
swapped the youtube for something non Right Said Fred (ugh!)

[robblok]

2 hours ago, Grusa said:

It has always been my ambition to die with my cards maxed out and my overdraft limit achieved.

Sadly I am too much of a coward and lack sufficient prescience.

Your not a coward you just dont know when you die otherwise it was easy.

[thenewgoo]

I assume if you are put in a ditch by a loan shark they still die with you. 

[wpcoe]

And, in the "civilized world," I just found out that in most U.S. states, adult children are personally liable for any and all unpaid medical bills from a deceased parent -- not limited by the amount of assets in the parent's estate.  Apparently those are used first, and then the personal assets of the children are pursued.  At least it sounds like that in Thailand heirs are clear once the assets in the deceased estate are depleted.

[hotchilli]

19 hours ago, bert bloggs said:

In Thailand i only own the shirt on my back ,thats it .????

I don't wear a shirt, they're getting nothing form me.

[Grusa]

12 hours ago, robblok said:

Your not a coward you just dont know when you die otherwise it was easy.

That's what "prescience" means!

[robblok]

1 hour ago, Grusa said:

That's what "prescience" means!

Non native English speaker... did not know that word

[Skylight]

This is how estate works.  Creditors can the sue the estates until they are satisfied through probate  - there is a short time-limit. 

The beneficiaries get to keep the rest.

 

Probate is time consuming and expensive and reduce the estate to zero.  I recommend everyone put together a comprehensive will.

 

[YT3k72Em]

On 9/8/2020 at 9:57 PM, wpcoe said:

And, in the "civilized world," I just found out that in most U.S. states, adult children are personally liable for any and all unpaid medical bills from a deceased parent -- not limited by the amount of assets in the parent's estate.  Apparently those are used first, and then the personal assets of the children are pursued.  At least it sounds like that in Thailand heirs are clear once the assets in the deceased estate are depleted.

Do you have a reference to this? It doesn't sound right. I think there is one state, Pennsylvania that on rare occasions can seek costs for care homes. But it's almost unheard of.

[wpcoe]

4 hours ago, YT3k72Em said:

Do you have a reference to this? It doesn't sound right. I think there is one state, Pennsylvania that on rare occasions can seek costs for care homes. But it's almost unheard of.

A friend of the family alerted me to the possibility because she knew somebody to whom it happened.  It was in California, but my mother recently died in Nevada, so we're not sure if it applies to us or not.  I think this may be what she was referencing.  It seems to be an article from 2014, so not sure if it's currently true or not:

 

Close to 30 states have what's known as "filial responsibility" statutes. Those require adult children to pay for a deceased parent's unpaid medical debts, such as those to hospitals or nursing homes, when the estate cannot.

source:  https://money.cnn.com/2014/06/19/pf/inherited-debt-adult-children/

[DaLa]

Totally unfair that they can pursue you for your debts but you are unable due to unforeseen circumstances to pursue those that owe you money at the time.