What happens to your debts if you die?

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Specifically, if you are married, and have a mortgage, personal loan, and credit card. The mortgage is joint, the others are individual. Does your spouse have to pick up the debt if you were to die? Obviously the mortgage is theirs too, but what about the individual debts?

3 Comments
  1. Reply
    bob
    April 8, 2013 at 1:22 am

    Well, they would most likely go to your spouse. If your spouse is died, it goes to your children. If you have no children it goes to one of your siblings. If you have none your parents, and if not that then it will go to some distant relative. If you have none then it will most likely go into every body’s taxes. Yipee for us…….:|

  2. Reply
    krn001
    April 8, 2013 at 1:29 am

    Hi,
    The assets of the deceased go through probate & the outstanding bills get paid from the estate.

  3. Reply
    Peter
    April 8, 2013 at 1:47 am

    I think there would be considerations which will be given if an individual die with debts. Individual debts specially mortgage will be paid off first. The assets of that person which is known as the person’s estate will be use to pay off any outstanding debts from the estate. Surviving spouse or civil partner often inherit the debts which is common if you were to have a loan in a joint name.

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