Departed Family Members, Debts, and Lenders: 3 Common Concerns

Question 1: What happens to a departed individual’s debts?There are a number of possibilities. When a person dies someone will need to manage the property left behind.

That individual, called an administrator or personal agent, is appointed by a court of probate, though the deceased individual can pick who serves in that position by choosing somebody through a last will and testament. The individual representative is then responsible for paying back any remaining financial obligation by using estate funds and property.
Question 2: Is the administrator personally accountable for the debt?

Question 3: Is the household ever accountable for the debts?