Debts Following Death
“My estate planning goal is to bounce my last check.” Numerous clients, in jest.
Most of the estates we represent hold sufficient assets to pay all the deceased loved one’s debts, including the last check written. In some cases, however, the remaining debts of a decedent exceed his or her remaining assets. Just last week, President Biden and Congress agreed to raise the federal debt ceiling, news that brought the federal debt to the nation’s attention once again.1 In this month’s update, I segue from the recent national debt ceiling news to briefly summarize the legal implications of personal debts owed at death.