Who is responsible for paying off debts when someone dies?Ilyce GlinkSamuel J Tamkin
What Happens to Debts After Someone Dies? When someone dies, a legal process called “probate” is initiated. Assuming the person who died wrote a will, this process is managed by the individual the deceased designated in their will as theirexecutor. Among other things, the executor is respons...
overdue utility bills, back rent, and unpaid taxes. This means that lenders cannot show up at the deceased’s home and start carting away furniture to cover the unpaid debts; they can only make a claim through the estate to be paid what they are owed. When someone dies with a large amo...
the annuity pays a benefit until the second spouse dies. b. the annuity pays a double benefit for their entire lives. c. the annuity pays a benefit until the first spouse dies. d. only A borrowing agreement takes place at T followed by a sell order of th...
An asset's value rising over time is referred to as appreciation. When someone buys a product as an investment, they don't intend to utilize it immediately; instead, they want to use it to make money later. Investing is a...
When someone dies, his or her debt doesn’t disappear. His or her remaining assets get pooled together, and then a probate court doles out payments to cover any remaining debts: First the mortgage; then other secured debts, like car loans; and then, if there’s any money left, unsecured...