liability of posterity to pay debts of their deceased elders
If one's father/elder in the family passes away and if he or she owes certain debts which have not been repaid prior to the death, to what extent are the children liable? The children of the deceased person have been brought on record as 'legal representatives' but have not inherited any property from the deceased. Are they still responsible for the loan?
The liability of the children to discharge debts of their father (debts taken up after 2005) extends only to the extent of the assets inherited by them. If the children have not inherited anything, they are not liable.
Dear Sir/Madam, the children are not liabe to pay for their father's debt if have not having inherited property from their father. If have herited the property at that time the chidlren are liable to pay the debts of the father from the inherited property. ... by Chandrashekhar Vithal Jadhav, Advocate & Legal Consultant, Bangalore.
Book a phone consultation with a top-rated lawyer on Lawfarm.