Who will take care of your financial assets/responsibilities when you ctb?

[peachxgirl]

Hi everyone, this question has been on my mind and honestly the reason why I don't want to ctb. I've had severe SI (suicidal ideations) since 2017, but the main reason why I haven't done it is because I don't want to burden my mom with both grief and my debts. I know I will be gone, but collections don't care lol. Anyone in similar situation?

 

[Not A Fan]

What country are you in (asking because of different laws regarding debts)? If someone dies with debts, I assume maybe a spouse would be legally liable but I don't know about parents. That sounds outrageous to me. Is that actually what happens???

Edit: I don't think this is practiced in the United States. https://www.forbes.com/advisor/life-insurance/what-happens-to-debts-when-you-die/ says student loan debt is discharged upon death even if it is in the name of the parents.

 

[peachxgirl]

What country are you in (asking because of different laws regarding debts)? If someone dies with debts, I assume maybe a spouse would be legally liable but I don't know about parents. That sounds outrageous to me. Is that actually what happens???

Edit: I don't think this is practiced in the United States. https://www.forbes.com/advisor/life-insurance/what-happens-to-debts-when-you-die/ says student loan debt is discharged upon death even if it is in the name of the

When I was 18, I wrote a will (when I was super suicidal) and wrote my mom as a sole beneficiary, assuming when I die (regardless of reason) I will have enough money and no debts. During that time I had a paid off car (beater car) and no credit card. I know I can change my will and my mom will most likely not be responsible for my debts, but the paranoia of it is enough to scare me. My main SI is because I don't wanna be a burden anymore, but I still might be if I don't get my financial shit together.

 

[Not A Fan]

If you live in the US, in most cases, only a spouse would be responsible for a person's debts after they die. If you still have doubts, you might need to consult a lawyer and have them review your credit report or something. But it's unlikely that there are any financial risks to others if you ctb. That doesn't do anything about the personal aspects of causing others grief. But at least its one less thing to worry about.

 

[Edpal247]

I can't create a will, since I am classified as "a mentally incompetent adult". My daughters are my guardians and control my pension and SS(old fecker here, 64). The Court would appoint an executor for my estate, my stuff would all get sold, my kids would get an even portion of whatever is left of my estate. Which won't be a hella lot after my debts are all paid. The "might" get like 10-20k each, if they are lucky. I put three of the 4 through college. Better than a stick in the eye. *They should stay on good temrs with their rich, childless multi-millionaire aunt who is 6 years my senior. There is slight chance she will leave them something but idk. Probably leave it all to charities and the Democratic Party. **She's a class action attorney, wins BIG!

 

[1043169]

Yeah if you have a will typically I know the assets will go to the beneficiaries and the debts will be taken out if the assets. Unless you have a spouse the debt won't be transferred to anyone else.

It's the reason why some people don't get married in the US so the medical debt will die with the one person.

I mean it all depends on what country you're in. I know this basically from a North American perspective.

 

[enduringwinter]

(Sorry to OP I'm no help here) I try not to think of anything that will happen after I die because I will attempt to micromanage and it will overwhelm me. I don't have debts but my status is pretty complicated so the potential work would never end, should I CTB I will just cancel all my direct debits.