Departed Household Members, Financial obligations, and Lenders: 3 Typical Concerns

Concern 1: Exactly what occurs to a departed individual’s financial obligations? There are numerous possibilities. When an individual passes away somebody will need to handle the residential or commercial property left. That individual, called an administrator or individual agent, is designated by a court of probate, though the departed individual can pick who serves because position by choosing somebody through a last will and testimony. The individual agent is then responsible for repaying any remaining financial obligation using estate funds and home. Concern 2: Is the administrator personally responsible for…

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