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Debts & Death in Poland - who is responsible?



BritguyabroadThreads: 5
Posts: 28
Joined: Nov 13, 07 		  Nov 29, 07, 03:45 /  #
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_falksterThreads: 1
Posts: 188
Joined: Nov 15, 07 		  Nov 29, 07, 03:50 /  #
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...
BritguyabroadThreads: 5
Posts: 28
Joined: Nov 13, 07 		  Nov 29, 07, 03:51 /  #
So, if you decline the heritage, you miss out on family possessions etc, but you dont inherit debts?
RyszardThreads: -
Posts: 123
Joined: Aug 7, 07 		  Nov 29, 07, 04:20 /  #
Exactly.
lonelyThreads: 3
Posts: 172
Joined: Nov 26, 07 		  Nov 29, 07, 04:36 /  #
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!
BritguyabroadThreads: 5
Posts: 28
Joined: Nov 13, 07 		  Nov 29, 07, 04:43 /  #
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_falksterThreads: 1
Posts: 188
Joined: Nov 15, 07 		  Nov 29, 07, 04:48 /  #
Quoting: Britguyabroad
...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??
BritguyabroadThreads: 5
Posts: 28
Joined: Nov 13, 07 		  Nov 29, 07, 04:56 /  #
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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