Just wondering, does anyone know what happens to a person's debt if they die? Credit cards, student loans, etc?
I don't know about credit card debt due to that is an unsecured loan. But I know secured loans can be taken from the deceased estate. That is what happened to my moms parent's. They sold the house to pay the debt.Just wondering, does anyone know what happens to a person's debt if they die? Credit cards, student loans, etc?
Not all assets pass through probate court. If I died I'd have no assets to probate. All my securities have a TOD registration (Transfer On Death -- where I name my beneficiaries). My checking accounts have a POD registration (Pay On Death -- same as TOD). My two life insurance policies have beneficiaries named as do my IRA accounts. Those simply pass to a beneficiary as quickly as they can show the company holding the asset a death certificate.I think a court takes from your estate to pay off bills first.