If I’m termially ill, can I stop paying my unsecured debt now and let the creditors settle with my estate after my passing?
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If I’m termially ill, can I stop paying my unsecured debt now and let the creditors settle with my estate after my passing?
I was recently informed that I was dying from lung cancer. I am without medical insurance and every penny counts toward my care for right now.
Asked on September 12, 2012 under Estate Planning, Montana
Answers:
Elena Eckert
Answered 11 years ago | Contributor
First of all, so sorry about your illness.
If you stop paying any of your existing debt now, then after your passing an executor/personal representative of your estate will have to handle the debt you incurred. Also, you may draft a will now, with a provision directing the executor to pay all your debt, expenses of last illness, and funeral expenses from your estate assets. However, if you do have a life insurance, then you should not include such provision.
Moreover, if the state of your residence is a community property state and you are survived by a spouse, the creditors will be able to go after your spouse for any debt incurred as a result of your medical care.
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