People always keep on wondering what would happen to their debt in case they die. They have a number of questions in their mind and one of them is whether their debt would pass on to their children in the event if debt?
This is not always true and all of this depends upon the overall value of the assets and liabilities. In case the overall debts surpass the overall assets, then the heirs are not obliged to repay the debt of their parents. On the other hand if the overall liabilities are less than the overall assets then the personal representative would be responsible for paying off the debts.
In case a will has been made, the person might settle his debts against some of his assets. In the event a will has not been made, the heir could settle the mortgage against it by transferring the property in their name.
