If you die, what happens to your debts?

Johnny_Chaos

Firstly, don't get alarmed. I don't have a terminal illness, so don't start sending me your best wishes, and I'm not contemplating suicide. It is also not my intention to offend / upset anyone with this post. What I am about to ask is a hypothetical question sparked by a conversation I had with my friend in the pub last night.

Basically: what happens to a person's debts when they die?

If you are told, for example, that you have only a month to live, would it be wise to rack up huge credit card debts and enjoy yourself in your final weeks? Knowing that when you shake off the mortal coil your debts would be cancelled out? Or would you be creating huge problems for your partner / parents / family if you die with huge unsecured debts?

I suggested to my friend that if I were to be diagnosed with a terminal illness, the first thing I would do is apply for loans, credit cards, you name it, and enjoy my final days to the full.

Johnny Chaos

immoral_angeluk

Any debts will be paid out of the estate of the deceased, or if there is not enough estate they will be written off SO LONG as the debts are in the deceaseds name only and noone is jointly or severally liable for them.

averageguy11

Which is why its always a good idea to have ya life policies in trust to yur nearest and dearest ..or the local dogs home for pet lovers

gairlochgal

hmmm I know a guy who was given 6 months to live 8 years ago. He's had a divorce and marriage since and is still going strong.

CLAPTON

Johnny_Chaos wrote: »

Firstly, don't get alarmed. I don't have a terminal illness, so don't start sending me your best wishes, and I'm not contemplating suicide. It is also not my intention to offend / upset anyone with this post. What I am about to ask is a hypothetical question sparked by a conversation I had with my friend in the pub last night.

Basically: what happens to a person's debts when they die?

If you are told, for example, that you have only a month to live, would it be wise to rack up huge credit card debts and enjoy yourself in your final weeks? Knowing that when you shake off the mortal coil your debts would be cancelled out? Or would you be creating huge problems for your partner / parents / family if you die with huge unsecured debts?

I suggested to my friend that if I were to be diagnosed with a terminal illness, the first thing I would do is apply for loans, credit cards, you name it, and enjoy my final days to the full.

Johnny Chaos

would you also mug old ladies and steal kids toys?