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If you are the caretaker for your parent and they live with you and you are their POA. Are you responsible for their debt when they are gone
debmcd1256
Give a Hug
May 12, 2011
It depends. Are you listed on any of the debt accounts? If so you will be responsible. If you are not on the accounts then your responsibility is to pay the bills as the funds are available and manage the money the best you can. When the time comes and they are gone the executor of the will is responsible in being sure any remaining funds are dispersed correctly. If there is still debt the creditors are notified and have no recourse. Sometimes our parents make messes that we can't fix. Good luck.
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claw10
May 13, 2011
Thank you so much for responding on this issue. I am not on any of my Mothers accounts and this has been a deep concern for me for along time. Glad I could finally find an answer to this question!claw10
jdfamilyinc
Feb 9, 2012
My parents do not have a will, and the only assets they have are 2 small group universal life ins. policies which we are counting on to pay for funeral arrangements. They do not have any arrangements made either. I am very worried about this, as my dad may face long term health care in a nursing facility. They also do not have any lawyer. What happens to these policies?? Do I make myself the beneficiary? I am power of attorney along with my sister. Help!
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