Your debts cannot be transferred to your next of kin when you die, but they will need to be paid out from your estate before it’s disbursed to your family
Your estate refers to everything you own. If you own a car, it’ll be sold to cover your debts when you die. Same with your house, all of the food in it, your computer with all of your porn tabs still open, and even your signed vhs collection of rare midget scat porn from the 1990s. It all gets sold off to settle your debts when you die, before it can be distributed to your next of kin.
Tricky, depends on jurisdiction but generally if you know you’re going to die and thus have no intention to repay the debt then it’s fraud and the thing you buy is technically stolen and you can repossess stolen goods in many jurisdictions. So they (the debt collectors) could come and get the things you gave away. Best way to skirt this is to take out cash from the cards and buy the stuff cash at random places and inform the people you give stuff to keep it on the down low for a while. Even if they suspect it came from you they can’t repossess it without conclusive proof which would be hard to get by.
I’m not optimistic they’ll get much, but you raise a good point. Just the first editions of Bad, Bad Leroy Brown and Shitizen Cane are worth their weight in liquid gold to the right investor.
does credit not transfer
Your debts cannot be transferred to your next of kin when you die, but they will need to be paid out from your estate before it’s disbursed to your family
Ah, my estate. Yes, of course. My estate will certainly pay. 10 of your jumbo credit cards please.
Your estate refers to everything you own. If you own a car, it’ll be sold to cover your debts when you die. Same with your house, all of the food in it, your computer with all of your porn tabs still open, and even your signed vhs collection of rare midget scat porn from the 1990s. It all gets sold off to settle your debts when you die, before it can be distributed to your next of kin.
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Tricky, depends on jurisdiction but generally if you know you’re going to die and thus have no intention to repay the debt then it’s fraud and the thing you buy is technically stolen and you can repossess stolen goods in many jurisdictions. So they (the debt collectors) could come and get the things you gave away. Best way to skirt this is to take out cash from the cards and buy the stuff cash at random places and inform the people you give stuff to keep it on the down low for a while. Even if they suspect it came from you they can’t repossess it without conclusive proof which would be hard to get by.
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I’m not optimistic they’ll get much, but you raise a good point. Just the first editions of Bad, Bad Leroy Brown and Shitizen Cane are worth their weight in liquid gold to the right investor.
wdym ‘estate’, is this an infinite money glitch or not