Settling Debt Of A Deceased Loved One

settle debt, will probate

Losing a loved one is hard, and dealing with the aftermath of their estate can be tough, too. If you have ever wondered what happens to someone’s debt after they pass away, keep reading so we can give you some tips on what to expect and how to handle it.

Who is responsible for debt after someone passes away?

If your loved one passes away and still has debts to pay, the debts become the responsibility of the executor of the estate. Your estate is everything you own at the time of your death. Therefore, the executor of your estate is in charge of dealing with everything you own when you pass away. What can your estate include? Your estate can include all of the following, but not limited to:

• Any type of property
• Cars, furniture, jewelry, and personal items
• Life insurance
• Any outstanding loans or debts (such as medical bills, student loans, etc.)

How does the executor of the estate handle these debts?

The process of paying off outstanding bills and distributing whatever is left to family and loved ones is called probate. This is done by the executor of the estate. Going through these motions can be tough, especially if a loved one has recently passed away. Therefore, looking into hiring a probate lawyer may be the best decision to help you handle these debts. What can a probate lawyer do for you?

• A probate lawyer will help advise executors on how to settle all of the final costs, debts and affairs of your loved one that has recently passed.
• They will take you through the entire probate process.
• They will help you make a decision whether there is a lawful will left or not.
• They can also help you determine what taxes your loved one still owed, and help you with paying those off.

When you are the executor of an estate, don’t let the aftermath stress you out. Call Dan Burke Attorney at Law to help you settle the estate so you can focus your energy on your loved ones.

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