How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Loren Your Own Question
Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 31960
Experience:  30 years experience representing clients.
17897874
Type Your Legal Question Here...
Loren is online now
A new question is answered every 9 seconds

My parents are looking at purchasing a home and they are in

Customer Question

my parents are looking at purchasing a home and they are in their 70's. Who is responsible for the mortgage when they die? OR any debt for that matter?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: they live in Kentucky
JA: Has anything been filed or reported?
Customer: explain
JA: Anything else you want the lawyer to know before I connect you?
Customer: i am just wanting clarification on what children are responsible for after parents pass away
Submitted: 5 months ago.
Category: Legal
Expert:  Loren replied 5 months ago.
Good morning. I am Loren, a licensed attorney, and I hope to answer your question and provide you excellent service.
Expert:  Loren replied 5 months ago.
Adult children are never personally liable for their parents' debt unless they are co-borrowers or otherwise sign to guaranty repayment.
After death, the debt becomes an obligation of the estate. If the estate is insolvent then the creditor is just out of luck.
Expert:  Loren replied 5 months ago.
Did you have further questions? I am happy to continue if you do.
Have I answered your question?
Expert:  Loren replied 5 months ago.

If you have no further questions, and have not yet done so, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for assisting you.

There is no additional charge to you for rating me favorably.

A bonus is not expected, but is always appreciated.

Thank you!

Loren

Expert:  Loren replied 5 months ago.

If you have no further questions please remember to rate my service so that I am credited by JA for answering your question and also so that I may close the question.

There is no additional charge to you for a 5 star rating of my service.

Thank you!