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Inheritance by WILL

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Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2010 I understand that if a person inherits some assets, property and money by way of WILL, he also automatically inherits all the liabilities of the person who made that WILL.

What if the person who has liabilities, gifts his all assets during his lifetime. Who will be held responsible to pay for his liabilities, say liabilities decided by court, after he dies ?

Deepak Goel

Deepak Goel (Expert)
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28 February 2010 When you give a gift to some one then there is no question of your liabilities taken by him.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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01 March 2010 The liabilities are deemed as a charge on the assets of the deceased when declared by the court. Otherwise legal heirs will bear it.

Without paying the liabilities; assets cannot be distributed.

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