Infographic: What Happens to Debt After you Die?
No one wants to have their family pay for their debts after they die. You usually want to leave your family property and/or money, not piles of bills to pay. However, there are certain cases in which someone else will have to pay your debts and others where they don’t. If you are a single owner of debt, than no one else will be obligated to pay it but you; your assets will be used against the debt. An authorized user of a credit holder’s account is comparable and, in the event of your death, all authorized users have to stop using the account. A co-signer of a loan or mortgage would have to go on paying on the debt even after you died, however. Properties can help families that have to deal with this because they can sell the property and make enough money to pay off the debts.
