Russians are liable for the testator’s debts only to the extent of the property transferred to them. If the value of the inherited property is not enough to cover these debts, the heirs are not obliged to account with their personal property. The Director of Arbitration at the Ministry of Justice of the Russian Federation, Russian Senator Olga Epifanova, told socialbites.ca.
“If not one citizen, but several citizens inherit, each pays his debts in proportion to his share. If the value of the inherited property is 50 thousand rubles, and the deceased’s debt is 100 thousand rubles, the heirs must return only 50 thousand rubles to the creditor. If the heirs refuse to pay the testator’s debts, the creditors have the right to file a lawsuit in court to collect the debt,” the senator noted.
According to him, there is an option with which it is possible not to pay the debts of the deceased – complete refusal of inheritance. If the relatives of the deceased officially make such a refusal within six months after his death, then they will not owe anything to anyone.
Epifanova added that not only obligations directly related to the personality of the deceased are inherited, such as administrative fines, debts to pay alimony. Heirs are also required to repay loans, housing and communal services debts, mortgages, credit cards, taxes (land, transport, property), and debts in the event of the company’s bankruptcy.
According to Epifanova, in life there are always more options than articles of law. Therefore, the senator advised that before deciding on the inheritance, it is better to collect as much information as possible about the testator’s situation.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.