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  • Nov 9th, 2013 8:06 pm
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Feb 15, 2008
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Your estate is obligated to pay it. If your Estate cannot come up with the funds, then the Estate would have to file for Bankruptcy or otherwise negotiate a pro rata distribution of available funds in the Estate to creditors.
TodayHello wrote:
Oct 16th, 2012 9:06 pm
...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
Sr. Member
Mar 4, 2007
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Halifax
Tbh I'm really worried about getting my mother's debt passed on to me. She is terrible with money and even if she has equity in the house she has I'm sure she's gonna wind up leaving a bit of a balance to be passed on....
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jeremyhalifax88 wrote:
Nov 9th, 2013 5:26 pm
So it would be advisable for no one to claim your estate?
Well yeah, if you've been named the executor of an estate with negative net worth, then you probably wouldn't want to accept such appointment.

All assets of a deceased person legally belong to the Estate.

Of course, there are some types of assets that can pass outside an Estate if a beneficiary has been named. Life insurance. RRSPs. Etc.
TodayHello wrote:
Oct 16th, 2012 9:06 pm
...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
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cheruboo wrote:
Nov 9th, 2013 5:32 pm
Tbh I'm really worried about getting my mother's debt passed on to me. She is terrible with money and even if she has equity in the house she has I'm sure she's gonna wind up leaving a bit of a balance to be passed on....
Well, you certainly cannot inherit debt. However, you may not be entitled to inherit her personal effects including family heirlooms, without paying her Estate for them at fair market value. Unless she transfers such to you before she passes away.
TodayHello wrote:
Oct 16th, 2012 9:06 pm
...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
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Jun 10, 2010
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jeremyhalifax88 wrote:
Nov 9th, 2013 5:42 pm
So if I know I'm going to pass away, I would give everything to my family and accumulate as much debt as possible and end with a bang. Cool.
Please follow through on this in the near future.
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Feb 15, 2008
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jeremyhalifax88 wrote:
Nov 9th, 2013 5:42 pm
So if I know I'm going to pass away, I would give everything to my family and accumulate as much debt as possible and end with a bang. Cool.
The creditors, in cases where there was a deliberate effort to defraud them, certainly have the ability/power to go after the recipient of such 'gifts'.
TodayHello wrote:
Oct 16th, 2012 9:06 pm
...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
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Feb 15, 2006
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jeremyhalifax88 wrote:
Nov 9th, 2013 5:42 pm
So if I know I'm going to pass away, I would give everything to my family and accumulate as much debt as possible and end with a bang. Cool.
You will pass away. We all will.

So how's your planning going?

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