Estate Administration 101: What Happens to Debt After You Die?
When we talk about estate planning, we often talk about who should inherit your assets after you’ve passed away. But what happens if you die with debt? Will your loved ones be responsible for paying back your debt? The laws pertaining to the repayment of debt after death are defined by each individual state, but the basic rule in Minnesota states that the debt of person dies with him or her. In short, your estate is responsible for paying off the balance of any outstanding de