Deceased Family Members, Financial Obligations, and Lenders: 3 Common Concerns

Concern 1: What occurs to a departed person’s debts?There are several possibilities. As soon as an individual passes away somebody will have to manage the property left.

That person, referred to as an administrator or individual representative, is designated by a court of probate, though the deceased individual can pick who serves because position by nominating someone through a last will and testament. The individual agent is then responsible for repaying any leftover debt by using estate funds and property.
Question 2: Is the administrator personally responsible for the debt?

Question 3: Is the family ever accountable for the financial obligations?

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