Do all of their debts die with them?

This is one of those commonly believed myths that is only partly true.

The part that is true is that the deceased will not be paying the debt. The bit that isn’t true is that the debt does not disappear, it just becomes owned by the deceased estate and the estate via the Executor has to pay the debt on their behalf. Starts with any tax that is due then banks and financial debts and flows from there, so long as there are funds to pay everyone all is good if there aren’t then the debt can become the responsibility of the Executor. To get a more detailed understanding, download our Executor Training course. If you are an Executor and want to know more follow me for more insights or just get in touch for a one to one.