News and Articles

Miramon Law to Attend 2019 NAELA Annual Conference

Friday, May 03, 2019

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What Happens to Your Debt When You Die?

Wednesday, May 01, 2019
Most people have debt. We accumulate it in the form of student loans, mortgages, car loans, credit cards, and more. The choice to go into debt is often times a choice to invest in our future. Whether you’ve taken out a student loan to pursue higher education or mortgaged your first home, debt is a part of life. 

Have you ever considered where your debt would go if something were to happen to you? What would happen to the next ten years of mortgage payments and all the credit card debt from Christmas? Understanding and preparing for what will happen to that debt when you’re gone is vital.

Most people die with debt, but that debt is typically not passed to heirs. Instead, your estate – all your assets and liabilities at the time of your death – pays down the debt. Only after your estate pays outstanding debts do your heirs get whatever’s left. The legal process that repays debts and distributes assets to heirs is called probate. Read More...