What do you do about finances when a death in the family happens?

[Grant]

When the inevitable happens, and a family member dies, how do you deal with the finances of that person after death? Do you pay off his/her debts? Do you take the debts over? Do you take whatever finances are left? I have not been in a situation like this yet, and hope I don't have to for many years to come. But have you ever had to deal with finances of a recently deceased family member?

 

[Good-Person]

When the inevitable happens, and a family member dies, how do you deal with the finances of that person after death? Do you pay off his/her debts? Do you take the debts over? Do you take whatever finances are left? I have not been in a situation like this yet, and hope I don't have to for many years to come. But have you ever had to deal with finances of a recently deceased family member?

Well, I have noticed that many people usually start fighting over property that might be left behind by their relatives or family members. This is a sad reality. I think that this is also one of the main reasons why so many people usually leave behind a will so that their children may not fight after they die.

 

[Heatman]

There is a saying here in my country that whenever someone dies all his debt which he is owing goes with him which is why you don't go to the family members to ask for your money when the person whom you had a transaction with is already dead. So, get all your money when the person is alive or forfiet it once he's dead.

 

[Ja sa bong]

If I wasn't part of the person's debt when he's alive, I will never be part of his debts when he's dead. The business he had with whom he's owing is their arrangement, I wouldn't participate in paying off what's not my business. What I would do will be to support his family in training any of the kids.

 

[Heatman]

Well, I have noticed that many people usually start fighting over property that might be left behind by their relatives or family members. This is a sad reality. I think that this is also one of the main reasons why so many people usually leave behind a will so that their children may not fight after they die.

This is the reason why it is always encouraged for you to write your will when you are alive and make sure that your family members are very aware about the will that you have written.

It's going to be in the custody of your family lawyer so that whenever anything happens, all will know there is already a laid down instruction on how everything that is your property should be shared among your offsprings.

 

[Kane]

In our country, when someone dies, his wealth will be inherited by children and if there are no children, the immediate relatives will inherit the wealth. INterestingly, the person who inherits the wealth also has to pay the debt of the deceased if any.

 

[Heatman]

In our country, when someone dies, his wealth will be inherited by children and if there are no children, the immediate relatives will inherit the wealth. INterestingly, the person who inherits the wealth also has to pay the debt of the deceased if any.

What is going to happen whenever the person who died didn't leave any wealth for his children or relatives to inherit but only left a big debt in his wake. Will his relative or children now be forced to pay all the debt that the person owed without even their knowledge about it?

 

[Frank]

There is a saying here in my country that whenever someone dies all his debt which he is owing goes with him which is why you don't go to the family members to ask for your money when the person whom you had a transaction with is already dead. So, get all your money when the person is alive or forfiet it once he's dead.

This is not applicable when there is a legal contract backing the payment of such debts, which in most cases are paid by the guarantors that signed when such person was taking up the loan. So, that saying that you mentioned won't even come to play when such happens.

 

[Dice]

It happened like twice for me It's essential to take things step by step. Start by notifying such as banks and insurance companies, of the death. Gather important documents like the will, life insurance policies, and any financial records. If possible at first I seek assistance from a trusted family member or friend to help manage these tasks. But mostly emotional distress is the issue rather financial.

 

[Heatman]

This is not applicable when there is a legal contract backing the payment of such debts, which in most cases are paid by the guarantors that signed when such person was taking up the loan. So, that saying that you mentioned won't even come to play when such happens.

I need to ask you something. When someone gets you a guarantors form where you're to back him to take let's say $4 million dollars and there's a clause in the form saying that in the event of his death, you're going to pay off his debt, will you sign the guarantors form? I have never seen anyone who signs such a document. This is why that clause doesn't exist in any guarantors form here.