Video FAQs

Will and Trusts Law

If I die owing debts, who pays my debts?

The direct answer to that question is that your estate pays those. That’s through the services of your personal representative. The question that I think is trying to be asked is what happens if the debts exceed the assets in your estate? In a case of that situation, if there’s not enough money in the estate to pay all the debts, then some creditors don’t get paid. The beneficiaries or family members of the descendant do not need to come forward and make up the shortage in order to ensure that all the creditors get paid.