Where Do Your Debts Go When You Pass Away?

What Happens to My Debt When I Die?

Your estate generally owes any of your debts.  Your  creditors will come before your heirs. The the rest of your estate is then given to your heirs. Any Guarantors or Co-signers will assume your debt.

According to federal law, a surviving spouse – with proof of financial ability and creditworthiness – will be able to take over the mortgage if you die, rather than paying the full balance back to the mortgage company.

Make a will and get a life insurance quote now.

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