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.
No one.
If you and your spouse have no siblings, no close cousins and no great friends... then you only have the State.
The State is all you need, Citizen.
Soooo...into the tanks. :P
To be clear, I am perfectly willing to take any Languishite's property in the event of their demise, if that's what you're asking.
Quote from: Ideologue on November 09, 2014, 03:20:59 AM
To be clear, I am perfectly willing to take any Languishite's property in the event of their demise, if that's what you're asking.
Isn't it possible for someone to leave an estate with a negative net worth? :unsure:
Quote from: Monoriu on November 09, 2014, 03:45:20 AM
Quote from: Ideologue on November 09, 2014, 03:20:59 AM
To be clear, I am perfectly willing to take any Languishite's property in the event of their demise, if that's what you're asking.
Isn't it possible for someone to leave an estate with a negative net worth? :unsure:
Hopefully not. That would suck. I'm the dude who would suffer from that, specifically. :P
Quote from: Monoriu on November 09, 2014, 03:45:20 AM
Quote from: Ideologue on November 09, 2014, 03:20:59 AM
To be clear, I am perfectly willing to take any Languishite's property in the event of their demise, if that's what you're asking.
Isn't it possible for someone to leave an estate with a negative net worth? :unsure:
Generally speaking, if the debt of an estate exceeds its assets, any heirs are not responsible for the shortfall. Might not be the case under Hong Kong law, though.
In charge of what?
It was a concern to me when my kids were young, but my youngest is 18 and out of high school now and I have a life insurance policy that will pay off my house and any other miscellaneous debts, so they are pretty much on their own but with a free place to live.
My parents live 20 minutes away and are in good health (even though they are both 70+) and my brother is local as well, so I assume that they would help to settle things if I were to kick it.
Quote from: dps on November 09, 2014, 04:24:38 AM
Quote from: Monoriu on November 09, 2014, 03:45:20 AM
Quote from: Ideologue on November 09, 2014, 03:20:59 AM
To be clear, I am perfectly willing to take any Languishite's property in the event of their demise, if that's what you're asking.
Isn't it possible for someone to leave an estate with a negative net worth? :unsure:
Generally speaking, if the debt of an estate exceeds its assets, any heirs are not responsible for the shortfall. Might not be the case under Hong Kong law, though.
In Germany they are, unless you formally renounce rights to the heritage. Had to do that when my Dad died - he and my Mom took out a 6-digit loan for building a house, and the whole thing failed spectacularly. So 30 years later my Mom is still making token payments towards the loan, and when she kicks the bucket us kids and grandkids will have to renounce that heritage, too. Might be someone comes in to assess the worldly possessions and whether or not it's worth to turn them into cash to satisfy some of the debt, but it's doubtful as it'll be a few hundred our thousand Euros vs. 200k or something (compound interest is a bitch - no idea, though, why my Mom never filed for bankruptcy, she should easily have been able to do so, but then again she's always been a bit weird when it comes to money).
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.
Greater Germany, I mean, of course. I always forget.
Quote from: Ideologue on November 09, 2014, 05:40:41 AM
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.
That is not the question that was asked. The question is, in your example, would you have to pay the $10k out of your own pocket.
In some jurisdictions you would, in some you wouldn't, in some (like Poland) it depends on some extra factors.
Exactly. In my Dad's case we would have been liable for his old debt.
That was 17 years ago, though; no idea if it's changed (though probably not).
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.
Quote from: MadImmortalMan on November 09, 2014, 02:23:43 AM
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.
Quote from: Ideologue on November 09, 2014, 05:40:41 AM
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.
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.
Quote from: CountDeMoney on November 09, 2014, 10:32:11 AM
the animal shelter gets the proceeds from the sale of my condo.
I love animals :secret:
Quote from: CountDeMoney on November 09, 2014, 10:32:11 AM
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?
My wealth comes with me.
Quote from: Admiral Yi on November 09, 2014, 10:44:46 AM
Quote from: CountDeMoney on November 09, 2014, 10:32:11 AM
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. :lol:
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...
Quote from: Berkut on November 09, 2014, 11:30:00 AM
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.
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.
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.
You have children? :unsure:
Quote from: Admiral Yi on November 09, 2014, 12:43:09 PM
You have children? :unsure:
Guess he was busy in his time away from Languish.
Would he lie to us about something like that?
Quote from: Admiral Yi on November 09, 2014, 12:43:09 PM
You have children? :unsure:
Ok I thought I am the only one who haven't heard. :huh:
I mailed him one.
Quote from: Ed Anger on November 09, 2014, 06:04:13 PM
I mailed him one.
:lol:
Well, anyway I think I'm going to ask my cousin to do it. My parents are so bad with money there's no way I can go that direction. Hell if my wife and I die right now my mom would be homeless. :P
Is Mrs. MIM preggers?
Huh, funny thing. I actually know exactly who would go after the guy if I got whacked. I was told who would do it. I'm fairly certain that person would do it as well, if they weren't in jail right now. I guess he could do it when he gets out. I never felt the need to set up another arrangement ( I was a bit surprised when I was told that I was so protected before).
Quote from: Peter Wiggin on November 09, 2014, 07:23:21 PM
Is Mrs. MIM preggers?
Most likely no. :unsure:
Stranger things have happened though.
Since we don't have any kids yet, we haven't worried too much about it. We do have wills, but the money side of things isn't that big of a deal in our cases. The biggest reason we even bothered wasn't the money, it was to make sure that certain family heirlooms go to the right people.
My mom probably needs to make some changes to her will, though. It names her brother as executor. That was fine 40 some years ago when she drew up her current will and my uncle lived about 35 miles away from her, but now he's nearly 90 and lives 2 states away. And to top it off, my mom's finances are more complicated now than they were then.
Ugh, family heirlooms. I know when my dad kicks off, I'm gonna hear from people I've never heard from in decades wanting stuff.
THEY AIN'T GETTING IT.
My wife and I have talked about it, but have not decided. :Embarrass:
I know, I know - I'm a lawyer too. :Embarrass:
We'd entrust the kids to either my brother and his wife, or one of my wife's sisters and their husband. All would be acceptable, but none are ideal.
I have no kids of my own, but I'm fairly sure that at least five different families have specified me as the recipient of their children if they croak. I try to take it as a complement. :P
My kids would live with my sister while they train to take vengeance on my killer.
Quote from: Valmy on November 09, 2014, 11:37:31 PM
My kids would live with my sister while they train to take vengeance on my killer.
What if you die of ebola?
Quote from: Peter Wiggin on November 09, 2014, 11:47:12 PM
Quote from: Valmy on November 09, 2014, 11:37:31 PM
My kids would live with my sister while they train to take vengeance on my killer.
What if you die of ebola?
I was operating under the assumption my wife and I were getting wacked.
If we die under other non-wacked circumstances the plan is the same without the vengeance training.
Quote from: Admiral Yi on November 09, 2014, 12:43:09 PM
You have children? :unsure:
D'oh! "have no children". :lol:
Maybe the cat can inherit? :hmm:
Quote from: Norgy on November 10, 2014, 06:04:38 AM
Quote from: Admiral Yi on November 09, 2014, 12:43:09 PM
You have children? :unsure:
D'oh! "have no children". :lol:
Maybe the cat can inherit? :hmm:
:lol: You made us all scared. :P
I don't even have a will because I can't decide what to do with my worldly goods, assuming I don't pre-decease my father, who is my only remaining immediate family.
The only reason I know I should make one is so my ex doesn't automatically get everything.
Not that I'll care, being dead and all.
Quote from: Ed Anger on November 09, 2014, 06:04:13 PM
I mailed him one.
:lol:
My parents are healthy and could take my sons in. So could my 3 younger sisters, say one son for each. :hmm:
Quote from: Martinus on November 10, 2014, 06:17:03 AM
Quote from: Norgy on November 10, 2014, 06:04:38 AM
Quote from: Admiral Yi on November 09, 2014, 12:43:09 PM
You have children? :unsure:
D'oh! "have no children". :lol:
Maybe the cat can inherit? :hmm:
:lol: You made us all scared. :P
But think of all the "Unfit for parenting" stories there could've been. :ph34r:
I was more like "Wow, this guy is really private on Facebook".
My brothers. Probably my oldest brother - he has two kids already, the cousins get along very well, he and his wife have loads and loads of cash (though presumably my savings would go to the kid, leaving more than enough to pay for his upkeep). My middle brother would be good too - the strikes against him are that he is childless, so it would be a big disruption in his life, and he isn't wealthy and lives with his wife in a tiny UK house (though again, having our cash would solve some of those).
Not, god help us all, my wife's siblings - a more disfunctional pair it would be hard to find! :lol: Neither is fit to raise the kids they do have, let alone another.