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Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 12-15-2013, 07:02 PM   #26
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Good choice. Tough to swallow but good choice.^^
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Old 12-15-2013, 07:52 PM   #27
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Totally off topic and irrelevant to OP.

So if an immediate family passes away with debt, does the debt inherit to his/her family?

Life insurance will cover that person's debt? Otherwise the debt will be written off?
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Old 12-15-2013, 08:00 PM   #28
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From what I understand the deceased's Estate is suppose to take care of debt, ie: owns property, vehicles has money in the bank ect..... Life Insurance doesn't cover the debt unless it goes to the estate. The debt would only be written off if there is no way to collect it. The family has nothing to do with the debt unless they have joint financial interests or a vested interest in the estate. Again, the estate would pay the debt it wouldn't transfer to family members.

“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa
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Old 12-15-2013, 08:07 PM   #29
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OT but how would the bank even know that the deceased is in fact deceased? Is it a legal liability that the family must notify the bank? If the debt has nothing to do with you and there are no assets to seize...
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Old 12-15-2013, 08:17 PM   #30
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You should notify the bank, but I don't think you NEED to.

Family member passed over a year ago and the bank account is still open with a balance.
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