Speak with one of our attorneys today.
Phone: 425-776-3191

Our Practice Areas

What happens to debt when I die?

If you are thinking about creating a will or a trust or maybe updating your existing estate plan in Washington State, you may initially be focused on what should happen to your assets. Certainly, outlining your wishes for who will receive what from your estate is an important and very personal part of such a plan but it is only one component. Thinking about the debt you have and what will happen to that should also be on your list. 

As explained by NerdWallet, most debts held by a person are expected to be repaid after death before any assets are distributed to heirs. This does not mean necessarily that your heirs will have to repay your debts but they may end up with less than you or they planned on depending on how much debt needs to be satisfied.

There are some times however, when a surviving spouse or other person might be responsible for a debt of yours after you die. One of these times is when a debt is in your name and the name o another person whether they co-signed on a loan or the original debt was joint such as with a mortgage. Also, because Washington is a community property state, your spouse may well be required to repay other debts.

This information is not intended to provide legal advice but is instead meant to give residents in Washington State some idea of how their debts will be addressed after they die so they can use this knowledge to create an estate plan that is best for their situation.

No Comments

Leave a comment
Comment Information

Contact Our Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Riach Gese Jacobs, PLLC
7331 196th Street, SW
P.O. Box 1067
Lynnwood, WA 98046

Phone: 425-329-7857
Phone: 425-776-3191
Fax: 425-775-0406
Lynnwood Law Office Map