In the week of my Dad’s passing, I called 11 credit card companies to inform them of his passing. Each call took about 30 minutes – from wading through the automated system to multiple transfers to the appropriate department. It was awful.
My Dad told me the debt would just go away once he passes. He thought showing the death certificate would magically wipe the $65K he owed away. It didn’t. I didn’t know.
This story isn’t unique. People know that losing a loved one will bring grief, but the “business side” of death is often unexpected.
Key Takeaways:
1. Debt is not “magically” wiped away upon death.
2. Some debt can go away, if you follow the law precisely and timely (i.e. work with an estate settlement lawyer).
3. Planning ahead is preferred ——> be sure you and your parents have an estate plan in place (will, trust, powers of attorney) if you don’t already have them.
If you need an ally as you navigate the complexities of estate settlement, give us a call. We are here to help!
Give us a call at 616-365-5055 or schedule a free consultation today.
