LifeBuzz: What Happens To Your Debt When You Die - Joint Debt Responsibilities

 LifeBuzz Inheritance and End-of-Life Matters news identifies three scenarios where what happens to your debt when you die includes legal transfer to surviving loved ones: joint debts like mortgages, car loans or credit cards with a co-borrower remaining responsible for the outstanding balance even after death; and secured debts like mortgages and car loans staying with the asset where beneficiaries inheriting property acquire debt as well. Understanding what happens to your debt when you die for transferable debts helps Canadians recognize that, in all other cases, unpaid debts die with the deceased and can't be transferred to loved ones, with creditors only collecting from the estate.

What Happens To Your Debt When You Die in Canada?

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