Money in Your Pocket: What happens to debt when you die?

SYRACUSE, N.Y. (WSYR-TV) - A goal of many of us is to die without debt.  Unfortunately, that’s not the case with many of us.

73% of us pass away with some debt, and on average it’s not a small number.

The average debt?  $62,000!

The obvious question is what happens to that debt when you pass away.

The majority of our debt is paid by assets inside your estate.

What if your estate can’t pay that debt off?

The good news is that your heirs are not on the hook.

Of course any inheritance that might be coming to heirs will be used to pay the debt.

The heirs at least won’t be responsible for any debt, unless of course they cosigned on it.

Financial adviser Rick Reagan appears regularly on NewsChannel 9.

If you have a question for Rick, you can e-mail anytime at themorningnews@localsyr.com


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