Nothing about the death of a loved one is easy. Not only do you have to deal with your grief and sense of loss, but it also won’t be long before you find yourself trying to straighten out their finances and learning what debts they still owe. Figuring out the finances and making sure all outstanding debts are paid is stressful, time-consuming, and confusing.
The first thing you need to figure out which of your loved one’s debts have to be honored and which became irrelevant when your loved one passed.
Are You Responsible for the Debts?
While very few debts simply disappear when a loved one has passed, it’s unlikely that you’ll have to dip into your own bank account to pay them off. The only time you’ll have to dip into your own money is when you co-signed on a loan with the loved one...