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gandalf_el_brown t1_j6ept3p wrote

Reply to comment by ZoiSarah in Mom and son graduate college together, fulfilling 18-year promise by Sariel007

Does the 80yo also need to pay off all her college loans before she's allowed to die?

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shyunia t1_j6fp60x wrote

Student loans are forgiven when you die

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HeavyLogix t1_j6fqu9s wrote

Not all private students loans

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FaintDamnPraise t1_j6g1oq6 wrote

They will continue to send collection letters to your gravesite.

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VerlinMerlin t1_j6gugiv wrote

Or children?

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[deleted] t1_j6gvmje wrote

[deleted]

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VerlinMerlin t1_j6gw1dt wrote

If it's private, they might have to I think.

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Thoughtwolf t1_j6h2wpx wrote

In most provinces, countries, states, etc. only those who have signed the contract for the debt, and the "Estate" of someone who has passed away owes back debts. So things that you own are to be sold and liquidated to pay off debts. Once all debts have been paid, only then can things of the estate be given to heirs.

If you owe 80k and have 100k in the bank in cash, you can just pay it off. Then your house or car or belongings, etc. go straight to the heirs.

However if you owe 80k and have only 60k in assets, those things would have to be sold to pay off the estate's dues and there would be no inheritance.

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De3NA t1_j6hao42 wrote

Correct. That’s why it’s better to “gift” the stuff before they pass

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drbob4512 t1_j6g022e wrote

There was a 100 year old who got his phd i think or masters. Anyways, was telling the wife about how he’s definitely paying that student loan off

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Agret t1_j6f9tll wrote

She's got two tiers of descendants so the loan can pass onto them, so bittersweet.

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HeavyLogix t1_j6fqqu4 wrote

Federal loans are discharged on death. Private loans vary.

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vasya349 t1_j6hloxr wrote

Descendants never pick up private loans either.

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HeavyLogix t1_j6hnzwd wrote

Depends how you look at it. If they’re beneficiaries of an estate that was wiped out by loans then yeah they kind of picked up the tab

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Kitchen_Music1302 t1_j6hrvh4 wrote

Sort of, but the lender can't take anything from the children. Like they can take the parents estate, but if the children has the money to pay the debt they are not legally obligated to.

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HeavyLogix t1_j6hsv3b wrote

That’s what I said

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Kitchen_Music1302 t1_j6hunuc wrote

Sure. I'm just pointing out it isn't a matter of perspective as to whether the children front any of the bill of not.

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[deleted] t1_j6im7mf wrote

[deleted]

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HeavyLogix t1_j6iseh5 wrote

say you stand to inherit a million dollars and the parent owed a million in loans. You could say the beneficiary paid that indirectly

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vasya349 t1_j6jjxpg wrote

A person’s wealth is literally debt:assets. You can’t stand to inherit wealth if there isn’t any.

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[deleted] t1_j6jd1bg wrote

[deleted]

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HeavyLogix t1_j6jdjpi wrote

I know more precisely how it works. It’s all based on a contingency. If you define it as otherwise yours it would have been in that scenario. That is how it works. I’ve worked within probate and have my own trusts.

You refusing to understand how things work, using any words, doesn’t mean you know shit about any of this

Now, you will fuck off. 👋

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PM_ME_YOUR_WIRING t1_j6hlq3v wrote

She'll be allowed to die, and her estate will settle whatever debts she has.

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