A previous coworker and friend I’ll call Karen once asked me, “How will we ever pay off my father-in-law’s debt?” She confided that her in-law’s health was deteriorating and his growing debt balance was keeping her awake at night.
Karen said the problem stemmed from his irresponsible money management, despite the fact that he ran his own accounting firm for decades. She was already unsure about how to get out of debt that she and her husband owed. Now she was having nightmares about debt collectors calling to demand payment of her father-in-law’s debt in the event of his death.
I’m glad that Karen entrusted me with her financial fear about debt and death because I was able to put her at ease about who’s responsible after a family member dies. Here are four truths about debt and death I cover for GoBankingRates.com. Click here to read more.