I'm a American living with my Finnish wife here, but I heard there is a system where the children are obligated to pay the parents debt should they pass away. Is this true?
The reason why I am asking is because me and my wife are fiscally responsible people. However, her mother is not and is trying to get into 30,000 dollar loans. She is also up there in age, so who knows how long she may have left.
Does this mean, should she ever pass away, these high payment loans she is taking, will be me and my wife's to pay if she passes? And if this is true, how in the world is that even fair? Suddenly you can just burden your children with debt? I figured the loan would be between the person signing the contract and the business itself. Now its up to the child who didn't sign for any agreements, didn't get the money, and now its up to them to pay off someone elses debt?
If its not true, then whatever, but if it is... wow.
Parental Debt
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Re: Parental Debt
A heir is only liable for debts if they want to partake in the estate.Nightstorm2516 wrote: ↑Mon Nov 25, 2019 5:53 pmI'm a American living with my Finnish wife here, but I heard there is a system where the children are obligated to pay the parents debt should they pass away. Is this true?
The reason why I am asking is because me and my wife are fiscally responsible people. However, her mother is not and is trying to get into 30,000 dollar loans. She is also up there in age, so who knows how long she may have left.
Does this mean, should she ever pass away, these high payment loans she is taking, will be me and my wife's to pay if she passes? And if this is true, how in the world is that even fair? Suddenly you can just burden your children with debt? I figured the loan would be between the person signing the contract and the business itself. Now its up to the child who didn't sign for any agreements, didn't get the money, and now its up to them to pay off someone elses debt?
If its not true, then whatever, but if it is... wow.
Re: Parental Debt
No. You take a loan and you die. After that your debts are paid off from your estate. If your children want your house and your estate have debts but no money... So no obligation there, only wants and needs.Nightstorm2516 wrote: ↑Mon Nov 25, 2019 5:53 pmI'm a American living with my Finnish wife here, but I heard there is a system where the children are obligated to pay the parents debt should they pass away. Is this true?
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Re: Parental Debt
As betelgeuse already said but explained differently, if your wife's mother has only debts when she dies, which cannot be paid with assets she has like jewellery, cars, houses, summer cottages, etc, anything that will be enough to pay off the debts, just refuse the inheritance and let the estate administrator file for bankruptcy of the estate. Case closed.Upphew wrote: ↑Tue Nov 26, 2019 9:34 amNo. You take a loan and you die. After that your debts are paid off from your estate. If your children want your house and your estate have debts but no money... So no obligation there, only wants and needs.Nightstorm2516 wrote: ↑Mon Nov 25, 2019 5:53 pmI'm a American living with my Finnish wife here, but I heard there is a system where the children are obligated to pay the parents debt should they pass away. Is this true?
Be Careful!!! DO NOT TAKE ANYTHING THAT BELONGS TO THE ESTATE, not any (registered / photographed ) items at all, it equals acceptance of the inheritance, so also its debts.
Do not take any action that equals acceptance of the inheritance, for more information, check out link to FINLEX web page and then particularly chapter 17
https://www.finlex.fi/en/laki/kaannokse ... 011228.pdf
Good luck!
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