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After a close family member has passed away, the last thing you want to worry about is debt that was left behind. A decedent’s debts usually disappear upon death. Unfortunately, this is not always the case, leaving mourning family members with big bills to pay.
The average American dies with more than $60,000 in unpaid debt according to a study by Credit.com. The primary sources of the debt include:
While debts are frequently discharged at death, creditors will try to go after the deceased person’s estate for payment. Not only may this deplete the money or assets the person left behind, beneficiaries may find themselves in difficult situations. For example:
If you are dealing with the aftermath of a loved one’s death and unpaid debts are involved, seek counsel from an experienced estate planning attorney.