Basic Questions About Estate Planning – Will my Family Have to Pay my Debt?

Some people who first talk to an estate planning lawyer are worried that their families might have to pay their debt in the event they die. While this is a common concern, it s not something you should worry too much about. In most situations where people die leaving behind debts, those debts do not become the responsibility of family members to repay. While there are some limited circumstances in which family members might be called upon to repay a debt, it is not common. Here s what you should know about your family having to repay your debt after you die. Your Estate and Your Debt When you die, all the property and legal issues you leave behind become your estate. Your estate is kind of like a separate legal entity that exists after you no longer do. The estate itself is not a person, but there is someone who manages it, known as the estate administrator, executor, or personal representative. It s up to a court to appoint the estate administrator, but once appointed, it is that a
http://www.kulaslaw.com/basic-questions-estate-planning-family-pay-debt/

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