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Debts & Death in Poland - who is responsible?


Britguyabroad  4 | 26  
29 Nov 2007 /  #1
Is it true in Poland if your parents have debts and they die, then you are responsible for the debts, as the debts don't die with them?
the_falkster  1 | 180  
29 Nov 2007 /  #2
it certainly is like that in germany and i can't imagine it being any different in any of the eu countries.

but you always have the chance to decline the heritage. in that case it is the tax payer who pays your parents debts...
OP Britguyabroad  4 | 26  
29 Nov 2007 /  #3
So, if you decline the heritage, you miss out on family possessions etc, but you dont inherit debts?
Ryszard  - | 89  
29 Nov 2007 /  #4
Exactly.
lonely  2 | 97  
29 Nov 2007 /  #5
Is that not how it works in the UK also? The estate takes everything into consideration (Assets and debts) then any positive balance is taxed by the greedy government... how unfair inheritence tax is!
OP Britguyabroad  4 | 26  
29 Nov 2007 /  #6
In the UK, if total net assets of an estate are under £285,000 then there is no tax to pay. Over this it is taxed at 40%.

If the person has negative assets (debts). The debts die with the person.
the_falkster  1 | 180  
29 Nov 2007 /  #7
...The debts die with the person

so if your parents own a house worth £200k but are in debt by £250 you do not have access to any of it...
but who is paying actually the remaining £50k?? the taxpayer i guess? or is that just lost money for the organisation that lend the money in the first place??
OP Britguyabroad  4 | 26  
29 Nov 2007 /  #8
the -50k would be paid by the institutions that the debt was taken with. In this sense, they would factor this into their business model by interest rates etc.

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