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The Consumer Financial Protection Bureau (CFPB) states that spouses, children and other relatives are usually not on the hook for any outstanding debts of a late loved one. A decedent's debt ...
This means that a surviving spouse must pay the debts of the deceased spouse using jointly-held property, such as a home. ... Though you may not be at huge risk to pay off a loved one’s bills ...
Spouses: Some states require community property — that is, property shared between spouses — to be put toward debt when a spouse dies. These states include Arizona, California, Idaho ...
In community property states, spouses are “considered joint owners of nearly all assets and debts acquired in marriage,” according to a 2022 blog on the Experian website.
However, in some cases, other people will share the liability for the deceased person’s debts and may be forced to settle the outstanding amount. Read More: This Is the One Type of Debt That ...
Like all debt, medical debt left behind after your death is paid by your estate. The debt goes to the person handling your estate — called an executor. The executor’s job is to manage the ...
Death grave cemetery. ... If the deceased was married, and a spouse was a joint owner of the account or co-signer on the debt, then the spouse is generally liable for that debt.
What happens to debt after death varies depending on the type of debt, your relationship to your loved one and your state. In general, a deceased person’s debts will be settled by their estate.