What will happen when I die?

I have a mortgage on my house, a car loan and a motorcycle loan. I have three children, one of which is of age. No spouse and no Last Will and Testament. What will happen to these liabilities when I die? I realize that I would need to contact an attorney, and I will, but I would like to know now what would happen in this situation? All items be repossessed? Would my of age child be responsible for making payments, if she so wished?

Here's the deal: When you die, anyone who believes that you owe them money has a certain amount of time to file a claim against the estate with the court (usually 90 days). The court will then decide if the claim is legitimate, and if so, they'll decide how much they're entitled to.

If your assets have to be liquidated to pay these debts, the court will order that to be done. Now, if your assets aren't enough to cover the debts, the court has to decide who doesn't get paid or who gets paid less than the amount they claimed.

The good news is your children DO NOT inherit your debts. The system is set up so your children don't get anything until all claims against the estate are settled, and it's also set up so any debts you have cannot be applied to your children. The worst that could happen is all your assets would be liquidated to cover your mortgage and loans and your children wouldn't inherit anything. Your children will NOT get stuck with the bill.

Generally, your outstanding debts are paid from your estate before anything gets passed on to your heirs, who are determined by your state's intestacy laws if you have no will.

Contact a trusts and estates attorney. You'll probably want to ask about setting up a trust to protect the assets you want to pass on to your children from your creditors. There are a lot of complexities here and the law varies widely state to state. That's not necessarily the way to go in your case, and I can't give you legal advice, since I'm not a lawyer yet, but that's the first thing I would ask my lawyer about if I were in that position.

uhh im pretty sure 1st everything would automatically go to next of kin (that being your children if there is no spouse) and i think from what i remember my ex saying about loans and such when people die is that they just get cancelled ...your children wouldnt have to pay on that..i dont think they would b repossessed but .but im not 100%sure

No will means an intestate estate if your heirs choose to open one to settle your affairs. All assets will be sold and all bills paid; and funds distributed to the heirs as according to your state intestancy decent my whomever qualifies as the administrator. Sme states a small estate is disolved by affidavit; talk to your county probate clerk for specifics; or better yet, your probate atty when you have your will done

YIKES!

If you do not have a Will, the first thing that happens is something like a third to half of your entire estate goes to the State through the Probate process!!

The rest of it will go to paying off your bills.

The minor kids will go into foster care while a willing family member is located who'll take them. If nobody is found, they'll stay in foster care.

In short, it'll be a mess.
Spend the $500 for an attorney to get a Will set up.

GO NOW. See an attorney and have him prepare a TRUST DEED - He will tell you exactly what it is and what protection your children will have when you pass away - With a trust you keep the state away - Insure yourself and place the insurance benefits UNDER THE TRUST -

Within the limits of the law you can leave whatever you want to whomever you want. If someone inherits a property with a mortgage or note on it, it is up to them to continue the payments if they want to keep it.

Mostly it depends on your state laws. In mine, the children would inherit your assets. You might want to think about mortgage insurance so your children wouldn't have to be responsible for it.

Well.....write a will and testament. Im glad to hear that one of your children has an age and isn't just floating in some wierd timeless warp.

all items will be repossessed get death insurance that pays off every thing in case of death then leave it all to your kids