Do you have a will?

Debtfree2018_2

I have been wondering whether it is worth creating a will?

Slightly morbid question, what happens to your debts when you die?

Is your partner responsible for it?

Thank you

McKneff

Everyone should make a will.


If you have any estate debts will have to be paid from that, funeral always to be paid first.


Best to get one done professionally too

Debtfree2018_2

What about unsecured loans?

Mojisola

Debts should be paid in order -
funeral costs
death taxes
secured debts
unsecured debts, for example credit cards.

hardpressed

If you have a partner rather than a husband or wife it is even more important that you make a will as they are not your next of kin for inheritance purposes.

[Deleted User]

Debtfree2018 wrote: »

what happens to your debts when you die?

Is your partner responsible for it?

Not unless they are joint debts.

If the debts are the sole responsibility of the deceased, they are paid out of the estate.

Once the estate has been exhausted (or if there is no estate), the remainder of the creditors get diddly squat.

Debtfree2018_2

Great thank you!