In the present, or past in any country, has a law that passes down debt ever existed?
Like student loans, or other debt?
That is passed to children, or parents after the parents or children die?
Not cosigning. Not stopping at the estate, but including the whole debt, to the survivors?
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Well, the US Government has created $35T in debt that is being passed down from generation to generation for the whole nation.
In the US, your debts are deducted from the estate before any funds are distributed to the beneficiaries. A tax return is also required after the death.
US law.
An estate is responsible for settling the decedent’s debts and obligations. Sometimes, there’s nothing left for survivors to receive. Thanks to the disgrace called “the American healthcare system,” end-of-life medical care can be staggeringly costly. Survivors believe they’ll receive the decedent’s money and property, but they learn that the estate assets don’t even cover the amounts due.
But, no, survivors don’t inherit a decedent’s debts. Unless someone had cosigned loans or been jointly liable for bills, the obligations stop with the estate.
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