What Happens to Debt After You Die?

fazsnatch

Hi guys,

This question is mainly based at the mortgage Debt I have. So in the last few years, i have got rid of nearly all my debt. My student loan is the only remaining Debt i have.


Now as i am in a good position, i have seen good investment opportunity. But this will mean at least for next 5 years I will continue to be in debt.


My question is say if i die in the next 5 years (yes strange question to have at xmas) , what will be the natural process of the debt owed? Do i need to put this into my will?



Thanks

Dobbibill

any debt you have is paid out of your estate if you have one.

[Deleted User]

Paid out of your estate and whatever debt is left over that your estate can't cover then dies with you.

[Deleted User]

I would be more concerned about the 'good' investment opportunity that leaves you in debt for 5 years; probably longer if it doesn't work out.

kangoora

Deleted User wrote: »

I would be more concerned about the 'good' investment opportunity that leaves you in debt for 5 years; probably longer if it doesn't work out.

I second this, take your 'good' investment opportunity to the "Savings and Investment" forum to sound it out. Lots of knowledgeable posters on there who will gve advice. You don't need to be too specific initially but will probably get asked further questions.

If the investment is in anything like fine wines, storage pods, car parking spaces, hotel rooms, carbon credits, forestry (the list goes on and on) then it is 99.99% likely to be a scam.