Who has your back if you and your spouse get wacked?

[Martinus]

The way it works in Poland, you are generally liable for all debts of the estate (and, furthermore, creditors of the estate may claim certain donations/gifts and non-arm's length terms transactions etc. made out of the estate for I think 5 years prior to death as well).

You have an option to accept the inheritance with the so-called "benefit of inventory", which means the entire estate is catalogued and evaluated by an expert before being given to you but then you are only liable for the debts of the estate up to the value determined by the expert. The downside is that this is costly so depending on the size of the estate people may not bother. Minors are deemed to always accept the inheritance with the "benefit of inventory" (this is a recent change of law, which was caused by a public outcry over some kid being saddled with a few million debt) and the state covers the expert's costs in such a case.

Alternatively, you can of course refuse to accept the inheritance, upon which it passes to the next person(s) in line.

[crazy canuck]

This is just occurring to me. I never thought about it before. I need to find a person who would be in charge if we kicked it.

This has always been a great concern to my wife and I.  Both of our mothers died in their early 60s and either of them would have been the best choices by far.  With them gone we really had to cross our fingers and hope we survived long enough.

It's the same as that in America.  Well, mostly.  There are certain exemptions, depending on who you are in relation to the decedent, like a home.  But if you're a grown adult and your parents pass, owing $50k, and the estate is worth $40k, you don't get the $40k estate unless the creditors fuck up.

Which is, in fact, what my mom's creditors did, for all the good it did me.

In any event, as seems to be the case in Germany, the estate generally remains responsible for its debts.

You are correct that the estate remains responsible for the debts but there are lots of ways for assets to pass outside an estate without the risk of creditors claiming the money.

@ Marti, it depends.  A secured asset can't be transferred but before death unsecured assets can be transferred.

[CountDeMoney]

My parents will get enough to burn me and keep me in a mason jar on the mantle, but the animal shelter gets the proceeds from the sale of my condo.

[Monoriu]

the animal shelter gets the proceeds from the sale of my condo.

I love animals 

[Admiral Yi]

My parents will get enough to burn me and keep me in a mason jar on the mantle, but the animal shelter gets the proceeds from the sale of my condo.

No love for the nieces?  Or are they already set up?

[The Brain]

the animal shelter gets the proceeds from the sale of my condo.

I love animals 

[Ed Anger]

My wealth comes with me.

[CountDeMoney]

My parents will get enough to burn me and keep me in a mason jar on the mantle, but the animal shelter gets the proceeds from the sale of my condo.

No love for the nieces?  Or are they already set up?

They're heirs to a series of massive old money trust funds.  They were worth more than you or I ever would be our entire lives the moment they were conceived. They really wouldn't have to work if they don't want to, none of their aunts or uncles really do, although my situation is a bit different than those on the other side of the family. 

[Berkut]

If something happens to both of us, my sister in law becomes primary custodian of the kids.

If something happens to my sister and her husband, we suddenly get three girls, two of them twins, and all of them incredibly spoiled.

We do need to designate a new trust manager though...the one on the books moved to China...

[CountDeMoney]

We do need to designate a new trust manager though...the one on the books moved to China...

They go where the money is, I guess.

[Jacob]

Right now, parents and in-laws would take care of things if my wife and I kicked it. They're reasonably sensible on both sides of the family, so no worries there. If they start getting too old in the medium term, I have some younger siblings who'll hopefully be in a good position to take over until the kid is old enough to manage on his own.

It's not something we cared about until we had the kid.

[Norgy]

I guess my mother, since I have children. She'd get a nice price for my condo, and she'd get my savings. Surprised she hasn't just killed me yet, as useless a son as I am. Bless her.

[Admiral Yi]

You have children?

[CountDeMoney]

You have children?

Guess he was busy in his time away from Languish.

[The Brain]

Would he lie to us about something like that?