An individual dies, debts they leave are given out of the ‘estate’ (cash and home they leave behind). You are only in charge of their debts in the event that you possessed a joint loan or agreement or provided financing guarantee – you are not automatically accountable for a spouse’s, wife’s or civil partner’s debts.
An individual’s estate comprises of their money (including insurance that is from and opportunities, property and belongings.
After some body dies their estate is managed by a number of ‘executors’ – or an ‘administrator’ if there isn’t any will. It’s usually a family member or friend and/or a solicitor.
The executor or administrator will need special permission – called ‘probate’ or ‘letters of administration’ – to be able to deal with the person’s affairs if the estate’s worth above a certain amount. Continue reading “Debt when somebody dies”