Question 1: What takes place to a departed individual’s debts?There are several possibilities. When a person passes away someone will need to manage the property left behind.
That individual, referred to as an administrator or individual agent, is selected by a probate court, though the deceased person can pick who serves in that position by choosing someone through a last will and testimony. The personal agent is then responsible for repaying any leftover debt by utilizing estate funds and property.
Question 2: Is the executor personally accountable for the debt?
Question 3: Is the family ever responsible for the financial obligations?