What happens to your debts when you die? Most of the time, they have to be paid off, provided there is adequate estate property. A recent article from Elder Law Answers addresses the issue. Here's an excerpt:
When you die, your debts do not expire with you. Most debt still needs to be paid off, if possible. However, who is responsible for paying the debt depends on the type of debt, and some assets are protected from being used to satisfy a debt.
Outstanding debt may include mortgages, credit card bills, car loans, personal loans, or condominium fees -- even car leases, where death is considered “early termination” of a contract.
READ THE REST OF THE ARTICLE HERE!