Our team has the right experience to help you deal with debt after death.
Losing a loved one is always difficult, but it can be made even more difficult if you are worried about inheriting your loved one’s debts. If your loved one died in debt, you can turn to our team at Morgan & Partners Inc.—we have over 25 years of experience in the financial industry, and we can help you figure out what do to about these debts.
The first thing you need to know about debt after death in Canada is that, in most cases, you cannot inherit someone else’s debt after they die. Instead, any of the deceased’s outstanding debts will be paid out of their estate. While this will reduce the amount of money you might receive as a beneficiary of their will, it will prevent you from having to pay off their debts out of your own finances. In the event that your loved one passed with more debts than assets, their estate is considered insolvent, which means that the creditors will not receive full payment of everything that is owed. In that situation, the money in the estate will be used to pay off the debts in priority order—first the deceased’s funeral expenses, then the creditors. If you want a more detailed account of how dealing with debt after death works, you can reach out to our team to consult our experts directly.
Our team is proud to serve Barrie and surrounding Central Ontario communities, and we want to help you do what’s best for your financial situation. If you are concerned about debt after death, we encourage you to give us a call to get the expert assistance you need.
At Morgan & Partners Inc., we can help you learn your rights and options as an estate trustee in Barrie, Brampton, Guelph, Innisfil, Newmarket, Orillia, Milton, Muskoka, and Gravenhurst, Ontario.