When Aisha Roy, a 23-year-old budding artist based in Pune, lost her 68-year-old mother after her long battle with cancer in 2019, her world plunged into disarray. Her father had passed away when she was much younger.
While she was still figuring out how to deal with the emotional turmoil, insistent creditors came knocking on her door. Aisha’s mother had accumulated various outstanding loans, including a lingering mortgage from difficult financial times, personal loans, and borrowings from acquaintances to fund her medical treatment.
Luckily, her financial situation improved after her wedding, which took place the same year. Through a combination of increased income from her art classes and the financial stability that came with marriage, Aisha was able to successfully steer her way out of debt and toward a more secure financial future.
Instances where descendants find themselves entangled in the financial aftermath of their parents’ lives are regrettably not uncommon. We spoke to experts to find out the answers to some key questions.
Who Is Responsible?
The responsibility of legal heirs to settle their parents’ debts after their demise depends on several factors, including the nature of the debt, whether the legal heir consented to act as the co-borrower or co-guarantor, etc.
This story is from the November 2023 edition of Outlook Money.
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This story is from the November 2023 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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