Kroener Hale Law Firm

We are here to listen, learn & help

TEXTS ONLY: 513-828-7510

We are here to listen, learn & help

TEXTS ONLY: 513-828-7510

During these hard and uncertain times, the staff at Kroener Hale Law Firm are still here to serve you. Please contact us at any time to schedule a free 30 minute telephone/skype consultation to discuss your legal needs. We will continue to diligently protect the rights and interests of our clients through these tough times.

Providing The Advice & Guidance You & Your
Family Need To Make Informed Decisions

Providing The Advice & Guidance You & Your Family Need To Make Informed Decisions

Many people in Ohio wonder what will happen to their families and assets when they die, but another question is what will happen to your debts. Will you be relinquished of any responsibility upon your death or will your family have to pay the money in your absence?

 

U.S. News reports that the process that will happen after your death depends on the type of debt you are dealing with. If you still owe money on your vehicle, your family members have the option of either taking over payments or letting the bank take the car. The same options would be given with a mortgage. Even if you named the house as an inheritance for someone in your will, an outstanding mortgage means that person will either need to take over payments or foreclose on the home. Home equity loans may need to paid off immediately in some circumstances.

 

The guidelines are different when it comes to debt that has no collateral. If you still have credit card debt or student loans when you die, the outcome will depend on a number of factors. If someone else’s name is on the card or loan, he or she will likely be held responsible. In some cases, you can let the bank know what has happened and have the debts discharged.

 

 Be aware that some states have a look-back period and may attempt to reverse any gifts that you made before death in order to pay your debts. This information is intended to educate and should not be taken as legal advice.