Do Your Debts Die With You?

[tamborine]

Asked on another thread. What was your experience?

[Captain2]

Don't know, I've not died yet.

[pixie374]

No, they come out of your estate.

[Jackdaw33]

The answer is No, but having said that it it difficult to recover unless there is an estate big enough.

[mikey4444]

NO. Your Executor has an obligation to repay all debts from your estate first, before doing anything else.

Having said that, if there is little money left in an estate, than most debts can't be paid after death. Its unlikely that most creditors will press very hard for monies.

[pixie374]

Assuming they are solely in that person's name, anyway. If they are joint, guaranteed, etc, the other person may be liable for them.

[ummmm]

Yes...if you have no money.

[Barmaid]

If you have no assets to discharge your debts, they cannot be discharged (and strangely the funeral account counts as a pre death liability). However, joint property (whether real or personal) can be clawed back in order to discharge debts.