Rick Vaughn, Categories: 
photo by Christopher Chan
Will my family be held responsible?
- One of the most common myths floating around these day is that when you die your debts are forgiven. Not so fast! Many individuals assume that when they die their debt is forgiven, but debt does not work that way. The reality is that if you die while still owning debt your surviving family members may be held liable for the money that you still owe.
So my relatives will have to pay my debt?
- Simply “NO”; at least not from their pay check. The way that most creditors go after accounts that are legally owed to them is by going after any estate money or property. This will not directly take money from your family; however, it may prevent them from obtaining their full inheritance.
- A few states have begun limiting the amount of estate money a creditor can claim, however even with limitations in place most creditors will still try get what is owed to them. The only way that debt can be forgotten after death is if there is no money, property, or other assets left behind.
What you need to do?
- PLAN!!!!!- No one likes to plan for their demise. If you love your family I’m sure you would like to save them the uncomfortable meeting with lawyers and creditors.
- Remember the creditors will get their money one way or another. You can fight this all you want but you’re only fooling yourself.
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