If you were any smarter you wpuld inherit the house from your grandma and flip it yourself for big gains
Surprise surprise, you only inherit a bunch of debt because that generation lived by "you can't take it with you".
As someone who’s dealing with the estate process right now, I don’t think anyone inherits debt. It’s paid out of the estate and nobody else is responsible for those debts.
but if theres enough debt the other assets go towards that rather than the inheritors.
That’s literally what I just said. Debts are paid out of the estate. The estate assets will always be used to pay off remaining debts before the inheritors get anything.
I'm not sure the whole "debts aren't inherited" part applies everywhere.
Certainly does in my country. Although like in the rare instance there was something you absolutely wanted to inherit, but there was also a mountain of debt, you couldn't decide to inherit without also taking on the debt. Even if that inherited thing was literally worthless and would not yield anything when sold.
Although such an object would probably be able to gifted, but like technically, that's how it'd go.
But here's the bit that actually made me write my comment:
https://youtube.com/shorts/_pkNndF6O_M
Idk how it works where that guy lives, but it's clip from an American standup, talking about inherited debt. Might just be made up, obviously, but according to this article more than half the states still have "filial responsibility" laws.
These laws are holdovers from a time when debtors prisons existed, says McDowell, and are rarely enforced. Their use has faded since the 1965 creation of Medicare — the health coverage program for people 65 and over — and Medicaid, the health coverage program for the poor.
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