If someone dies and they are a co-signer on a loan will that loan have to be paid off upon the death of the company signer
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If someone dies and they are a co-signer on a loan will that loan have to be paid off upon the death of the company signer
My mom co signed a student government loan
for my sons college education . If she were to
die would her estate have to go to probate to
pay off loan right after her death
Asked on August 14, 2019 under Estate Planning, Tennessee
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
As long as there is a still living signer (e.g the son) and he is still making payments on time, the loan will not be in default and nothing needs to be done. If the loan was in default at the time the co-signer died, however, then they might go after the estate for payment.
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