We are often asked this question from people who have been named as the Executor in a Will. They need to know if they are personally liable for any debts owed and what if there is not enough in the estate to cover them. What happens to your debt when you die?
Our friends at Ratehub have put together this article for us as a guest post.
Debt is a part of life, and most Canadians are carrying around a significant amount, be it through credit cards, mortgages, and other lines of credit. With so many of us relying on credit, it’s no surprise that people often die with outstanding debts left unpaid.
It’s not always easy to talk about, but it’s important to make a plan for your debt ahead of time. Here’s a primer on what happens to debt when you die in Canada, which can help you get started.