Me? Nope. I will probably inherit my dad's debt, though. 
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Yes, but I have no idea how much it would be - I don't like to think about it since that would mean something bad happened. My husband definitely has one but I do not know the details (his dad died 12 years ago and I know some money was put into trust for my husband). I think he receives the money when his mother passes or he reaches age 40, whichever occurs first.
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I don't think so!
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@bluestriped bee: doesn't debt clear when the person dies? That's what DH told me - if he does I won't be left with his student loans.
And no, no inheritance here.
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@winniebee: a trust? aren't those accessible at 21?
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@Mrs. Pen: if you have insurance on the debt, the insurance will cover it, but not all debt just vanishes when someone dies.
I'm sure there will be some leftover when our parents go, but I'd rather they live it up and spend it now!
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On my side, nada. On my husband's side we'll be getting a pretty sizeable inheritance. Not really money, but lots of paid off investment properties, which is better anyway.
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@prettylizy: are all student loans vanishing debts? I've never heard of insurance on debt
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@Mrs. Pen: Depends on how the trust is set up--my SIL has one from her grandfather but she won't come into it until she's 40.
I don't have an inheritance but DH does and will. I don't know how much and don't think about it.
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@bluestriped bee @MrsPen - Depends on the type of debt. If it's a student loan that you co-signed for, you are responsible with the other person dies. I have a friend whose parents co-signed and have a life insurance policy for him now. Otherwise, unless your name is on the debt, you're not liable when the other person dies. His/her estate might be liable though. (Don't quote me on this)
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@FutureMrsMcK: that's so super cool! I like that.
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@FutureMrsMcK @MrsPen - A college roommate's mom passed away when she was younger. A trust was set up for her and she was able to access it at different times (for different reasons basically) - at 18, 25 and when she got married. Or something like that!
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@Mrs. Pen: It depends on the type of trust. The trust is such that he can access the $$ when he is age 40, or when his mother passes. Whichever is first. I don't know how much money it is (and frankly I don't think he does either) - it is in investments until it matures, I believe. It's not a secret, but it's not my money so I don't feel it's appropriate for me to ask my MIL about it. We will probably use it for our kids' educations.
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@Mrs. Pen: nope. It all depends on how you set it up. You can take out loan insurance through the lender, or personal insurance though an insurer. Every debt is set up differently. He might have something set up to cover you. Mortgage insurance is also common, (eg, if one spouse dies, the mortgage is then paid off completely) though in my opinion you are better served to take out your own life insurance policy.
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We both do, but don't know details about them.
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@prettylizy: We do have life insurance in the event he dies because I'm a SAHM so I'd be left pennyless and unable to support my family... but I didn't know that about loans. interesting.
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@LindsayInNYC: My SIL's kids have trusts set up by their grandmother (SIL's mom) and theirs are sort of set up like this--they can access a set amount at 18 for college, at 25, when they get married, for each child they have, and then have access to the full amount once the turn 40. It's a substantial amount (not like millions or anything, they'll definitely have to work), and SIL's mother basically didn't want them to have access to it all in one blow when they were in their late teens/early 20s.
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My parents have a fairly lucrative business that we will all receive a share of, as well as a couple revenue properties that we will have to decide what to with (they are 100% pad off, so probably hire a management company and split the income tat isn't required for maintenance and repair costs).
My MIL and SFIL have a lot of assets invested, but my DH suspects much of it will be given to charity in the will.
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We definitely will inherit from my parents. And will likely inherit from both my husband's grandmother and his parents.
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I'll be inheriting valuable property in NYC and DH is inheriting 120 acres in Texas with his brother. We will probably buy out his brother's portion when the time comes.
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Not really. I'm sure there will be a little something from my parents, but I'm one of 5 kids, so it's not like it would be an amount to change our lifestyles. Probably the same for DH.
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I will have a pretty significant inheritance somwehere in the 6-7 digit range.
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We both do.
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Monetary, no. I'll probably inherit some of my mom's artwork and/or furniture pieces.
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Me, yes. DH, I am sure he will inherit something we don't want. Whether it is debt, or an ailing parent.
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My parents don't have all that much, so if something ever happens to them, it will be split between my brothers and me, but nothing to change our situation.
My DH's parents are the same, but he's the beneficiary for his uncle's estate which might actually amount to something. Neither of us like to think about it though since it will mean that a lot of people we love in our lives will be gone.
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@Mrs. Pen: Trusts are at the discretion of the person writing it. DH inherited one from his dad when he passed away is 2011. The terms were that the trust would be executed by their grandmother until DH and his brother were both 25, after which point they would become co-executors. And debt doesn't necessarily clear. We had to pay off FIL's mortgage, car loan and credit cards. It depends on the creditors and how aggressive they are. The mortgage company immediately came after us and threatened to foreclose on the house (the payment was missed the month FIL died)... assholes.
I will probably inherit very little from my parents. They have very little and I had 2 siblings. Thank God they also have a decently small amount of debt.
DH got a sizable inheritance from his dad, his mom and his maternal grandmother. I wouldn't be surprised if he got something from his paternal grandparents too.
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@Mrs. Pen: I was told my student loans aren't vanishing - my dad will be on the hook as he co-signed, but we are writing into a will that we're leaving X amount to my father to pay them.
edit - *would* be on the hook if I died!
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@zippylef: so if you couldn't make the payments it would have affected your credit?!
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Most parents nowadays seem to give the money now than later. My dad's mentality is, "i should give you the money when you need it the most, not when you are older and already established in your life."
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@Mrs. Pen: Well, we paid everything out of the money his dad left right away so it wasn't really an issue. He had about $60k in debt (including mortgage and car note). They would have foreclosed/repossessed if we hadn't have at least kept making payments. I think things like credit cards depend on the company. Some write it off and don't really care, some will come after it. At least in MO, they have a year after the death to come after what they are owed. After that year, they are outside the statute of limitations and you don' have to pay it. At least that's what the estate lawyer told us.
I don't think it would have effected our credit though, since everything was in his dad's name.
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@zippylef: wow! That is sad! When my grandfather died my dad had the option of keeping up with the payments or turning the car in.
My daddy has it to where his life insurance will pay off all of his debt.
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@FancyGem: The bank gave us a similar option. DH's grandmother chose to pay the car off and keep it.
And if anyone was curious, it was Citi that was so awful about the mortgage. I have no problem blasting them a little after how they dealt with us.
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@zippylef: citi sucks! We don't have them, but the people that I know who have citi mortgage has so many issues with them.
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I don't think I will be getting much from my parents, but that's okay with me. I would rather they enjoy their retirement instead of focusing on how much they will leave.
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My parents keep bringing this up, I'm an only child. My Mom has all of Grandmother's antiques and other valuables and she told me that she'll be marking what I can sell and what I have to keep! They also have value in property that I'll be inheriting, luckily no debt. They plan on selling their vineyard and using the equity in a new home at the beach.
My dh is now an only child, and his Dad has a lot of toys he'll most likely inherit. He does have a stepbrother but his Dad has openly told him he's not including him in his will...
Then there's his Mother, looks like we'll be inheriting property all the way around. It's not a subject I like to think about, but is brought up often.
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@highwire: That's freaking bad ass!! 120 acres?! Where at????
I'm not sure. I know I'm the beneficiary on a lot of things, but not sure if there's an inheritance in there or not. Not sure what's going on on the hubby's side either.
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@Alivoo01: Outside of Abilene. We love it out there!!
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@highwire: That's awesome, and I'm totally jealous!
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Nope, Neither of our families are that well off. But that's okay.
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