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...
How debts are settled after a person dies is a major topic of concern for many people, and it’s one of the chief reasons consumers look to buy alife insurance policy. The good news is that in most states, debt collectors can’t pursue the family of a deceased person or their spouse ...
Exactly howdebts and assets are handled after a loved one diesdepends on state laws. In the nine states known as “community property” states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin, with some aspects applying to Alaska), a spouse is respon...