Departed Family Members, Financial Obligations, and Financial Institutions: 3 Typical Concerns

Question 1: What takes place to a departed person’s debts?There are several possibilities. As soon as a person passes away someone will need to manage the property left.

That person, understood as an executor or individual agent, is selected by a court of probate, though the deceased individual can select who serves in that position by choosing someone through a last will and testimony. The personal agent is then responsible for paying back any leftover financial obligation by utilizing estate funds and property.
Question 2: Is the executor personally accountable for the debt?

Question 3: Is the family ever accountable for the debts?