What happens to the deceased’s debts?

If the deceased has debts outstanding at the time he or she passes away, those debts will need to be paid out before the beneficiaries are paid. If an executor pays out the beneficiaries without paying out the deceased’s debts, the executor may be personally responsible for paying those debts. There are certain steps that we can help the executor with to ensure that the executor has located all of the deceased’s creditors and to ensure they all get paid out so that the executor will not have any personal liability for the debts later on.

Copyright © 2016-Present | Montgomery Miles & Stone Law Firm. All Rights Reserved
Website Powered by Cutting Edge Concepts