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Can I protect myself from father's debt?

7 replies

Deadsouls · 29/01/2020 22:21

Hello, I am hoping that someone can point me in the right direction?

Is there such a thing as protecting myself from my father's debt? I don't know the extent of his financial difficulties but I don't want to become liable for any debt he can't pay should a situation arise where he can't pay back money he owes. I am his next of kin. He has a partner and young son, but they are not married and live in another country.

He frequently travels to stay with his partner and son in a foreign country where he is not entitled to free healthcare. He also does not have health insurance.

He is in his later years and should he have to have treatment, (he has had heart troubles in the past), he could end up owing tens of thousands. He would not be able to pay this.

Can they come after me for money he owes is the question? What steps can I take to protect my finances? I am not in a position to take on his debt, and have two children of my own to look after.
Thank you for any advice or information.

OP posts:
justasking111 · 29/01/2020 22:24

Are you in the UK?
What country is he visiting regularly where he cannot get free healthcare?

GrumpyHoonMain · 29/01/2020 22:27

Most countries will take inherited debts off the deceased person’s estate. So if he won’t be in a position to leave you anything then it should get written off (and any assets linked to the debts repossessed). If he’s lying to you and plan to leave money to his partner / son then it becomes their problem to fix.

Binterested · 29/01/2020 22:29

I can’t think of a situation where you would be liable for his debt. Unless for instance he has a house that you were hoping to inherit which would have to be sold to pay any debts he incurred. But that doesn’t sound like your concern.

Can you say what scenario you imagine might affect your finances ?

topcat2014 · 29/01/2020 22:30

There are no circumstances in the UK where debts become the problem of the descendants if the estate cannot pay

Deadsouls · 29/01/2020 22:33

Thank you for the speedy replies!

OP posts:
Deadsouls · 29/01/2020 22:39

@Binterested no I don't expect to inherit his property. I expect he will he may have to sell his assets to live on/repay existing debt.

@topcat2014 that's reassuring to know.

@GrumpyHoonMain no I don't think he's lying to me. I suspected that maybe debt might be written off should his assets not cover them.

@justasking111 I am in the UK, but (and without getting too specific) the country he frequently visits is in the Middle East and as he has not Visa or residency, and is not married to his partner, he is not entitled to free healthcare.

OP posts:
justasking111 · 29/01/2020 22:46

Try not to worry if he gets sick out there it will be his partner who has to cope. If it would put your mind at ease and you can afford it I would take out healthcare on his behalf, there are policies out there my neighbour had a heart transplant and until recently travelled abroad.

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