{"id":43441,"date":"2022-01-24T16:44:38","date_gmt":"2022-01-24T20:44:38","guid":{"rendered":"https:\/\/www.andysowards.com\/blog\/?p=43441"},"modified":"2022-01-27T12:14:26","modified_gmt":"2022-01-27T16:14:26","slug":"what-to-know-about-a-deceased-relatives-debts","status":"publish","type":"post","link":"https:\/\/www.andysowards.com\/blog\/2022\/what-to-know-about-a-deceased-relatives-debts\/","title":{"rendered":"What to Know About a Deceased Relative\u2019s Debts"},"content":{"rendered":"\n<p>There are a lot of moving parts that go along with the death of a relative. One of the biggest is what to do about the credit card or loan debt your loved one left. Will you be responsible for this debt? What should you do if a debt collector calls?&nbsp;<\/p>\n\n\n\n<p>This guide will give you all the information you need to know so that you\u2019ll know what your obligations are and what you should do if debt collectors won\u2019t stop calling.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"will-i-be-responsible-for-my-relative-s-debt\">Will I be responsible for my relative\u2019s debt?<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/money.usnews.com\/money\/personal-finance\/debt\/articles\/what-happens-to-debt-when-you-die\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" width=\"970\" height=\"647\" data-src=\"https:\/\/www.andysowards.com\/blog\/assets\/What-Happens-to-Debt-When-You-Die.jpg\" alt=\"\" class=\"wp-image-43443 lazyload\" data-srcset=\"https:\/\/www.andysowards.com\/blog\/assets\/What-Happens-to-Debt-When-You-Die.jpg 970w, https:\/\/www.andysowards.com\/blog\/assets\/What-Happens-to-Debt-When-You-Die-768x512.jpg 768w\" data-sizes=\"(max-width: 970px) 100vw, 970px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 970px; --smush-placeholder-aspect-ratio: 970\/647;\" \/><\/a><figcaption>What Happens to Debt When You Die?<\/figcaption><\/figure>\n\n\n\n<p>The overall answer is no, but there are caveats. Generally speaking, relatives are not responsible for a deceased person\u2019s debts unless:<\/p>\n\n\n\n<ul><li>They\u2019ve co-signed a loan with their relative<\/li><li>They\u2019re the spouse of a deceased person and live in a community property state<\/li><li>They\u2019re the spouse of the deceased person and live in a state where healthcare and medical expenses are required to be paid<\/li><li>They were responsible for resolving the dead person\u2019s estate and didn\u2019t follow state probate laws<\/li><\/ul>\n\n\n\n<p>If you fall into any of these categories, you most likely will be required to settle your relative\u2019s debts. If they\u2019re still alive, consider discussing the options available to them now so that you\u2019ll be debt-free should they pass. Send them useful links like this <a href=\"https:\/\/www.credello.com\/debt\/debt-consolidation-loan-calculator\/\">debt consolidation calculator<\/a> so they can implement a plan now to save you unnecessary hardship later.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-are-debts-handled-when-someone-dies\">How are debts handled when someone dies?<\/h2>\n\n\n\n<p>The process of handling a deceased person\u2019s assets has a thorough process behind it, legally speaking. While some details may vary based on the state where the deceased resided, the process generally looks like this:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"an-executor-is-named\">An executor is named<\/h3>\n\n\n\n<p>Once a person is declared legally dead, an executor is named to handle the liquidation of the estate. \u201cEstate\u201d has lots of nuance to it, and many people think that this only pertains to the wealthy who have a lot of assets, but everyone has some type of property that must be taken care of when they die. Whether it\u2019s a laptop, house, jewelry, record collection, 401k, or something else of value, these personal items are considered part of an estate and must therefore be passed on or liquidated.<\/p>\n\n\n\n<p>If the deceased person didn\u2019t name an executor before their death, the courts would typically appoint someone to handle the dissolution of the estate. The executor may be a relative, loved one, attorney, or another third party that will be legally responsible for settling the estate\u2019s affairs.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"the-estate-is-cataloged-and-then-dissolved\">The estate is cataloged and then dissolved<\/h3>\n\n\n\n<p>Once an executor has been named, they\u2019ll be required to go through the estate and list all available assets. If there\u2019s a will, this makes things easier but doesn\u2019t absolve the executor from doing their due diligence to ensure all assets are logged.<\/p>\n\n\n\n<p>After the estate has been thoroughly cataloged, the first thing to be taken care of is any outstanding debts. These are paid off through either any cash left behind or by proceeds from the sale of assets. Once the outstanding debts are settled, the family or other loved ones will receive parts of the estate.&nbsp;<\/p>\n\n\n\n<p>If there\u2019s nothing left after debts are paid, then the family gets nothing. If the estate doesn\u2019t have enough value to pay off the outstanding obligations, the entire estate will be liquidated to pay off what it can, and the balance will then be written off.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-should-i-do-if-a-debt-collector-wants-me-to-pay-my-relative-s-debt\">What should I do if a debt collector wants me to pay my relative\u2019s debt?<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.forbes.com\/advisor\/life-insurance\/what-happens-to-debts-when-you-die\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" width=\"900\" height=\"506\" data-src=\"https:\/\/www.andysowards.com\/blog\/assets\/Heres-What-Happens-To-Your-Debts-When-You-Die.jpg\" alt=\"\" class=\"wp-image-43444 lazyload\" data-srcset=\"https:\/\/www.andysowards.com\/blog\/assets\/Heres-What-Happens-To-Your-Debts-When-You-Die.jpg 900w, https:\/\/www.andysowards.com\/blog\/assets\/Heres-What-Happens-To-Your-Debts-When-You-Die-768x432.jpg 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 900px; --smush-placeholder-aspect-ratio: 900\/506;\" \/><\/a><figcaption>Here\u2019s What Happens To Your Debts When You Die<\/figcaption><\/figure>\n\n\n\n<p>Debt collectors are tasked with getting outstanding debts taken care of and may sometimes try to skirt the law or give false information to settle the debt. This can be due to ignorance, company policy, or just aggressive behavior, but know that unless you\u2019re responsible for the debt due to the reasons listed above, you are not obligated to settle the debt of your deceased relative.<\/p>\n\n\n\n<p>Debt collectors may call you for contact information for the executor or whoever is settling the estate, but they may not discuss the details of the debt or request payment from you. If you decide to make a payment to get them to stop calling, you then take on the legal responsibility of paying off the debt, so don\u2019t make any decisions while on the phone with the debt collector. Contact an attorney if the collector becomes aggressive or demanding. So long as you have no legal ties to the outstanding debt, you\u2019re in no way responsible for paying it off.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"the-bottom-line\">The bottom line<\/h3>\n\n\n\n<p>Death is a stressful event for family members, and worrying about a loved one\u2019s outstanding debt doesn\u2019t help matters. If you\u2019re wondering whether or not you\u2019ll be responsible for paying off your loved one\u2019s debts, keep this guide handy so that you\u2019ll know what\u2019s required of you and how you can ensure your financial health isn\u2019t affected.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are a lot of moving parts that go along with the death of a relative. One of the biggest is what to do about the credit card or loan<\/p>\n","protected":false},"author":1,"featured_media":43444,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[109,7232,5633],"tags":[5891,12282,836,15129,5930,15135,12288,15128,15132,988,15133,15131,15134,14293,10207,7691,15136,15130,8452,2270,115],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What to Know About a Deceased Relative\u2019s Debts<\/title>\n<meta name=\"description\" content=\"There are a lot of moving parts that go along with the death of a relative. 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One of the biggest is what to do about the credit card or loan debt your loved\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.andysowards.com\/blog\/2022\/what-to-know-about-a-deceased-relatives-debts\/\" \/>\n<meta property=\"og:site_name\" content=\"Daily Business Resources for Entrepreneurs, Web Designers, &amp; Creatives by Andy Sowards\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/facebook.com\/andysowardsfan\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-24T20:44:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-27T16:14:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.andysowards.com\/blog\/assets\/Heres-What-Happens-To-Your-Debts-When-You-Die.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"506\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Andy Sowards\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@andysowards\" \/>\n<meta name=\"twitter:site\" content=\"@andysowards\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andy Sowards\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.andysowards.com\/blog\/2022\/what-to-know-about-a-deceased-relatives-debts\/\",\"url\":\"https:\/\/www.andysowards.com\/blog\/2022\/what-to-know-about-a-deceased-relatives-debts\/\",\"name\":\"What to Know About a Deceased Relative\u2019s Debts\",\"isPartOf\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/2022\/what-to-know-about-a-deceased-relatives-debts\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/2022\/what-to-know-about-a-deceased-relatives-debts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.andysowards.com\/blog\/assets\/Heres-What-Happens-To-Your-Debts-When-You-Die.jpg\",\"datePublished\":\"2022-01-24T20:44:38+00:00\",\"dateModified\":\"2022-01-27T16:14:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/#\/schema\/person\/2e0f72bd7f6497fd883e2bd67d9f3415\"},\"description\":\"There are a lot of moving parts that go along with the death of a relative. 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