Smart financial advice from local experts... Dollars & Sense the asset, they will have to make the payments or face possible foredosure or repossession. If more than one person is attached to the debt, the joint owner who is still living will owe the entire debt. Authorized users of credit cards do not have to pay off the decedent's balance. Family members typically are not obligated to pay the debts of a deceased relative from their own assets. The exceptions to the rule are if the decedent was married at the time of death and lived in a community property state like Wisconsin, Texas, Arizona or California, or if you co You are probably going to die signed. Debts incurred prior to the with some debts in your name. marriage are not required to be According to credit bureau paid by the surviving spouse. Experian, 73% of us will In You might be able to pass on general, your assets and debts certain assets to your intended become part of an estate. Whether beneficiaries even if you have the estate is being administered in outstanding debt at your death. a probate case or under the terms For example, if you name your of a trust helps determine who is wife as the beneficiary of your lite in charge of paying the decedent's insurance, the proceeds are paid to the surviving spouse, and the What Happens To Your Debt When You Die? By: Dan Wollin President PCM Credit Union debts. In either case, the person creditors can't claim the payments the personal for themselves. serving representative or executor in as Depending on how well probate, or the successor trustee the decedent kept records, the for trusts is taking on a role as a surviving family members and fiduciary, meaning the person is the executor might have a hard acting in place of the decedent. time determining exactly what is Consult an attomey if you are owed. This could open the door to unsure of your duties. You could be scam artists who make fraudulent held personally liable if you spend daims and demand payment estate assets on debts that did not immediately. Make sure all of the have to be paid, or if you don't pay bills are in writing and never pay debts that cause damage to the anything over the phone. This is no estate. For example, if you don't time to rush. pay insurance premiums before The question of what happens damage happens to the house or to debts when someone dies is car, the beneficiaries could sue you often asked too late. If a loved one has just passed away, there is Secured debts get paid first, no time left to change beneficiary like mortgage or auto loàns. designations or revise estate Unsecured debts, like funeral planning documents. Knowing expenses, medical bills and credit how your debts will be treated card follow. If there are not enough after you are gone will help you for not performing your duties. funds to pay of secured debt, create a wise estate plan. anyone inheriting those assets inherits the debt as well. To keep People Caring More 1740 Stephenson Street Marinette, Wi| 715-732-4051 pcm 601 Willard Drive CREDIT UNION Green Bay, WI | 920-499-2831 www.pcmcu.org Smart financial advice from local experts... Dollars & Sense the asset, they will have to make the payments or face possible foredosure or repossession. If more than one person is attached to the debt, the joint owner who is still living will owe the entire debt. Authorized users of credit cards do not have to pay off the decedent's balance. Family members typically are not obligated to pay the debts of a deceased relative from their own assets. The exceptions to the rule are if the decedent was married at the time of death and lived in a community property state like Wisconsin, Texas, Arizona or California, or if you co You are probably going to die signed. Debts incurred prior to the with some debts in your name. marriage are not required to be According to credit bureau paid by the surviving spouse. Experian, 73% of us will In You might be able to pass on general, your assets and debts certain assets to your intended become part of an estate. Whether beneficiaries even if you have the estate is being administered in outstanding debt at your death. a probate case or under the terms For example, if you name your of a trust helps determine who is wife as the beneficiary of your lite in charge of paying the decedent's insurance, the proceeds are paid to the surviving spouse, and the What Happens To Your Debt When You Die? By: Dan Wollin President PCM Credit Union debts. In either case, the person creditors can't claim the payments the personal for themselves. serving representative or executor in as Depending on how well probate, or the successor trustee the decedent kept records, the for trusts is taking on a role as a surviving family members and fiduciary, meaning the person is the executor might have a hard acting in place of the decedent. time determining exactly what is Consult an attomey if you are owed. This could open the door to unsure of your duties. You could be scam artists who make fraudulent held personally liable if you spend daims and demand payment estate assets on debts that did not immediately. Make sure all of the have to be paid, or if you don't pay bills are in writing and never pay debts that cause damage to the anything over the phone. This is no estate. For example, if you don't time to rush. pay insurance premiums before The question of what happens damage happens to the house or to debts when someone dies is car, the beneficiaries could sue you often asked too late. If a loved one has just passed away, there is Secured debts get paid first, no time left to change beneficiary like mortgage or auto loàns. designations or revise estate Unsecured debts, like funeral planning documents. Knowing expenses, medical bills and credit how your debts will be treated card follow. If there are not enough after you are gone will help you for not performing your duties. funds to pay of secured debt, create a wise estate plan. anyone inheriting those assets inherits the debt as well. To keep People Caring More 1740 Stephenson Street Marinette, Wi| 715-732-4051 pcm 601 Willard Drive CREDIT UNION Green Bay, WI | 920-499-2831 www.pcmcu.org