Concern 1: What takes place to a deceased person’s debts?There are numerous possibilities. Once an individual dies somebody will need to handle the property left.
That person, referred to as an administrator or personal representative, is appointed by a probate court, though the deceased person can choose who serves in that position by nominating someone through a last will and testament. The personal agent is then accountable for paying back any leftover financial obligation by utilizing estate funds and property.
Question 2: Is the executor personally responsible for the debt?
Question 3: Is the household ever accountable for the debts?