Here's how unpaid debts are handled when a person passes away
Sarah O'Brien 3 hrs ago It's not unusual for a person to pass away and leave behind some unpaid debt.
For the heirs — typically the surviving spouse or children — the question often is what, exactly, happens to those obligations. The answer: It depends on both the type of debt and the laws of the state.
A person's assets — no matter how meager or massive — become their "estate" at death. That includes their financial accounts, possessions and real estate. And, generally speaking, it's the estate that creditors go after when they try to collect money that they're owed.
"Fortunately for surviving spouses or other beneficiaries, in most cases that debt isn't something they'd be responsible for," said certified financial planner Shon Anderson, president of Anderson Financial Strategies in Dayton, Ohio.
However, there are some exceptions.
First, though, some basics.
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https://www.msn.com/en-us/money/personalfinance/heres-how-unpaid-debts-are-handled-when-a-person-passes-away/ar-BB14HMXk?ocid=spartanntp
